US EditionBurlington to take over local JoAnn location
- Joann, a fabrics and crafts retailer, filed for bankruptcy in January 2024 and plans to close about 800 stores nationwide by the end of May 2025.
- Joann's bankruptcy and store closures followed severe financial struggles, including a second bankruptcy in under a year and efforts to reduce $500 million in debt.
- As Joann winds down, Burlington won court approval to take over leases for 45 Joann stores across multiple states starting May and June 2025.
- Burlington, an off-price retailer experiencing growth with 101 new stores opened in 2024 and $260.8 million net income last quarter, plans to convert these locations to expand its footprint.
- Joann’s closures are shifting customers to competitors like Michaels and Hobby Lobby while allowing retailers like Burlington to capitalize on vacated retail spaces amid an uncertain 2025 outlook.
11 Articles
11 Articles
Burlington to take over local JoAnn location
BOARDMAN, Ohio (WKBN) -- Burlington Coat Factory has assumed the lease of the JoAnn location in Boardman. According to a filing in U.S. Bankruptcy Court in Delaware, Burlington will assume the lease with property owner RAF Investments LTD in Liberty. Burlington will assume the lease on June 1. Any objections must be filed within 14 days. Burlington will also assume the leases of 45 other JoAnn locations, including ones in Columbus and Cincinnati…
Major store set to close 255 locations by next week – see full list
Joann is shuttering one-third of its remaining stores by the end of April (Picture: Getty Images) The beloved fabrics and crafts retail chain Joann is set to close one-third of its locations by the end of this month – and all the rest by May. Joann, which filed for bankruptcy in January, will close the doors of 255 of its stores by next week, said Jo Anne McCusker, a spokesperson for the company’s lender and retail liquidator GA Group. The store…
Burlington Taking 45 Store Leases From Joann Following Bankruptcy
Off-price department store Burlington is set to take over 45 store leases across the U.S. from Joann after the crafts and fabrics retailer filed for bankruptcy for a second time in January. Burlington will assume some of the leases, which include stores in states such as California, Texas and New York, as early as this month, according to a Monday court filing with the U.S. Bankruptcy Court for the District of Delaware. New York locations Burlin…
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