POPULAR retail fabric and craft store, JoAnn Fabrics and Crafts is set to close yet another location.
This closure is taking place in Wilmington as part of a larger corporate restructuring effort and Wisconsin has also been heavily hit.
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Located at 352 S. College Road, Suite 24, in the University Center shopping complex, the store served as a go-to for craft supplies.
JoAnn offers a wide range of supplies, including fabrics, sewing materials, and art materials.
SHUTTING SHOP
This closure of JoAnn comes in the wake of its second Chapter 11 bankruptcy filing within a year,
This has lead to the auction of its remaining assets.
It also joins the growing list of chain retailers that have exited the shopping center since 2023 due to financial struggles.
JoAnn in Wilmington now joins Rue21, Gabe’s, and Bed Bath & Beyond to shutter its doors for a final time in the complex.
Scott Carpenter, CEO of GA Group’s Retail Solutions and Wholesale & Industrial Solutions teams, said that most Joann stores slated for closure will remain open until the end of May.
“Joa=Ann leadership, our board, advisors, and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,” he shared.
JoAnn’s leadership has expressed gratitude to its employees and loyal customers, acknowledging their unwavering support over the past 80 years.
MORE CLOSURES
The closures mark a significant shift for the retailer.
The broader implications of JoAnn’s closures extend beyond Wilmington.
It’s hitting particularly badly in Wisconsin, where 16 locations, including four in the Milwaukee area, are set to shut down.
The company’s exit from multiple locations signals ongoing turbulence in the retail sector, esoecially for specialty stores.
As JoAnn prepares to close its doors, customers are encouraged to take advantage of liquidation sales.
US braces for ‘45,000 store closures’
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.
While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
