January 15, 2025
Today, JOANN filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware. This is the Company’s second bankruptcy in a year. Management said the filing was to “facilitate a sale process to maximize the value of its business.” JOANN stores and JOANN.com are open in the ordinary course and continue to serve customers.
RetailStat has been reporting for weeks that the Company was on the verge of filing bankruptcy. We also noted that Joann previously filed for Chapter 11 in March 2024 and emerged quickly thereafter on April 30, 2024 without what we felt was adequate liquidity and unable to correct performance trends.
The map below shows the Company's more than 800 stores in operation.
Macy's and Kohl's are preparing to shut down a combined 93 stores across the country. See our map below for these locations.
Macy's is closing 66 underperforming stores as part of its Bold New Chapter strategy, which includes closing 150 stores and investing in its 350 go-forward Macy's locations through FY26. Encouraged by early results, management said it would increase its targeted Macy's closures for this year and that it expects to generate related proceeds of about $275 million from store sales.
Kohl's is closing 27 underperforming stores in 15 states by April 2025, as well as its e-commerce distribution center in San Bernardino, CA. This is likely just the beginning as we estimate there are hundreds of locations that may be vulnerable to closing.
These closures reflect company-specific operating issues as well as the broad-based negative trends among traditional department stores, which are ceding market share to the expanding off-price players, specialty apparel and online competition.
J.C. Penney and SPARC Group announced that they have merged to form a new organization, Catalyst Brands. The merger brings together SPARC Group’s brands Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica with JCPenney and its exclusive private brands, including Stafford, Arizona and Liz Claiborne. In addition, Catalyst Brands has sold the U.S. operations of Reebok and is exploring strategic options for the operations of Forever 21.
As a result of the deal, Catalyst Brands will generate over $9 billion in revenue through 1,800 stores. JCPenney alone accounts for $6.50 billion of revenue through over 650 stores. Our map below shows the locations of the six brands that make up the new Catalyst Brands.
Spotlight on Retail Openings & Closings
Our team of researchers identify, validate and update hundreds of new openings and closings each day to alert you of competitive encroachment or exposure to nearby closures within your shopping centers and retail markets up to two years in advance.
This week we spotlight the Grocery industry. The below map shows Grocery future openings and closings slated for January.
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The information contained in this newsletter is compiled from sources which RetailStat, LLC (“RetailStat”), does not control and unless indicated is not verified. Its contents are not to be divulged. RetailStat, its principals, and writers do not guarantee the accuracy, completeness or timeliness of the information provided nor do they assume responsibility for failure to report any matter omitted or withheld because of their negligence.
