Overview

• Joann Fabrics plans to close more than 500 stores nationwide as part of its second Chapter 11 bankruptcy reorganization within a year.
• Coresight Research estimates that 2025 could see nearly double the store closures of 2024, with 15,000 locations expected to shutter across the U.S.
• Major retailers like Macy's, Kohl's, JCPenney, and Big Lots are significantly reducing their physical footprints due to declining profitability and changing consumer preferences.
• California, Florida, Ohio, New York, and Michigan are among the states most impacted by the wave of closures, reflecting widespread challenges in the retail sector.
• Experts attribute the closures to rising online shopping trends, inflation, and consumer demand for seamless, cost-effective retail experiences.