Joann Fabrics set to close all 800 stores
It’s been called the retail apocalypse, and it continues today with news that fabrics outlet Joann Fabrics will shutter all of its approximately 800 locations.
Cheddar
At Homea Texas-based home décor and furniture retailer, filed for Chapter 11 bankruptcy on Monday, June 16, citing “broader economic and retail-specific market pressures,” according to court documents.
As part of the filing, 26 At Home stores nationwide will close by Sept. 30, including two locations in New York:
- 6135 Junction Blvd., Rego Park
- 300 Baychester Ave., Bronx
Why is At Home closing stores?
Court documents attribute the bankruptcy to a combination of rising interest rates, persistent inflation, and unsustainable customs and tariff costs.
Over the past year, At Home had already closed six locations in an attempt to stabilize operations. The company noted that many of its remaining stores are now operating at “sub-optimal performance levels” due to the financial strain of maintaining physical locations in today’s retail landscape.
As part of the bankruptcy process, ownership of At Home will transfer to a group of hedge funds and investment firms based in New York City and San Francisco.
Contributing: USA Today Network
