Crafts retailer JOANN Fabric is set to close multiple locations in the coming weeks.
Crafts retailer JOANN Fabric is set to close multiple locations in the coming weeks, starting with two stores in Batavia, New York and Marion, Ohio on January 15th, followed by two more locations in Keene, New Hampshire and Bridgeport, West Virginia on January 22nd.
In November, JOANN confirmed that a total of eight stores would be closing over the next three months. The company stated that the closures were part of its "normal business evaluation process" and not a reflection of the company as a whole, as e-commerce would still be available to customers.
JOANN Fabric Closures
JOANN Fabric, which currently has 842 locations, is set to close two locations this week in Batavia, New York and in Marion, Ohio.
The closures will be followed by two more JOANN locations set to close in Keene, New Hampshire and in Bridgeport, West Virginia on January 22nd.
JOANN confirmed in November that a total of eight stores would be closing over the next three months.
Other Store Closures
JOANN is not the only major retailer that is closing stores.
- Bed Bath & Beyond announced that it would be closing 150 stores due to declining sales and a lack of cash. The home goods chain, which has around $1.2 billion in debt, may need to file for bankruptcy.
- Sears has filed for bankruptcy protection and around 115 stores across the US will close, with prices on goods being slashed by up to 40 percent.
- Macy's plans on closing 125 stores, with at least four shutting down this year and liquidation sales starting this month.
The closures by JOANN Fabric and other retailers follow the trend of the "retail apocalypse," in which consumers are switching to online shopping. In 2019, retailers had to close 9,300 stores due to this trend, which was accelerated by the stay-at-home orders during the pandemic.
What Are Your Thoughts?
Have you been to a JOANN Fabric store before? What do you think about the trend of retail stores closing and switching to online shopping? Have you noticed other stores in your area closing recently?
Let me know what you think in the comments below!
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