Coresight research is estimated that there will be another wave of retail sealing operations in 2025, when old companies face unrelenting competition.
Joann Inc. , That applied to Chapter 11 Banking protection In January for the second time in less than a year, she plans to close hundreds of her stores as she tries to mark her mark.
The retail seller submitted a proposal this week to obtain the court’s authority to start closing 500 stores throughout the country with the passage of Chapter 11. If it is approved, the company said that sales of leaving the business will start in the affected stores as soon as possible on Saturday, and it can continue For several months after that.
A company spokesman Fox Business told that closing is part of the company’s strategy to increase the value of its business.
Main retail files for bankruptcy crafts
“A careful analysis of the store’s performance and the future strategic proportion of the company that must remain the stores is working as usual at this time. The spokesman said.
In March 2024, when the company applied to Chapter 11 for the first time after 81 years of work, it became a private company, but it did not close any of more than 800 sites in 49 states.
One of the customers enter the Joann store at El Cerrito, California, on January 8. (David Paul Morris / Bloomberg via Getti Imachurs / Getty Pictures)
In January, the company submitted a request to protect bankruptcy in the US bankruptcy court for Dilayer, in the hope of selling itself to another company after competing with a difficult retail environment, along with hungry sales and restricted stock levels.
Rental contracts for about 700 sites in party city are sold by auction
“After reviewing all the carefully available strategic tracks, we decided that the start of the sale of the court’s supervisory court is the best path for the work process to increase the value of the work,” said Michael Burndrgast, temporary CEO. “We hope this process enables us to find a path that allows it Joan to continue the work As a constant interest. “
The retail seller submitted a proposal to obtain the court’s authority to start closing 500 of its stores throughout the country with the passage of Chapter 11. (Tim Leedy/Medianews Group/Reading Eagle via Getty Images/Getty Images)
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The company sought the court’s approval last month to start the sale of all its assets to Gordon Brothers Retail Partners LLC significantly. Gordon will be a “Horse Horse” auction, a party that agrees to make a preliminary offer for the company’s bankruptcy, and often before the start of the official auction process.
Gordon Brothers noted that he intends to continue liquidating the company and conducting sales outside business on all store sites, according to Joan, who continues to apply alternative offers actively.
She received inquiries from the parties that are likely to be interested in continuing to operate stores and companies online on an ongoing basis.
If other qualified basic offers are made during the sales operations that are supervised by the court, Joan plans to conduct an auction or auctions, with a chase horse width placed. For auction operations.
Here are the stores that are closed in every state:
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