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Michaels acquires Joann brands after bankruptcy filing<\/p>\n
Michaels is expanding by acquiring Joann\u2019s intellectual property and private label brands following the brand’s closure after filing for bankruptcy.<\/p>\n
unbranded – Newsworthy<\/p>\n
The home goods retailer At Home is closing an additional six stores across the country, bringing its total closure tally to more than two dozen as it grapples with high debt and dwindling sales<\/a>.<\/p>\n The furniture and home decor retailer based in Coppell, Texas, filed for Chapter 11 bankruptcy on June 16, pointing to “broader economic and retail-specific market pressures,”\u00a0in court documents<\/a>. The bankruptcy filing and store closures follow several other\u00a0“big box” retailers that\u00a0have also significantly downsized<\/a>\u00a0their brick-and-mortar footprints this year, including\u00a0Big Lots<\/a>,\u00a0Joann Fabrics<\/a>,\u00a0Kohl’s<\/a>,\u00a0JCPenney<\/a>,\u00a0Macy’s<\/a>,\u00a0and\u00a0Party City<\/a>.<\/p>\n The retailer intially announced 26 store closures in June, before paring that down to 24 when it decided to keep open two stores in New Jersey and Wisconsin<\/a>. The company added another six stores to the list, according to a statement by retail firm<\/a> Hilco Consumer-Retail on Aug. 1, bringing the current number of stores it will shutter in the coming months to 30.<\/p>\n The company employed about 7,170 employees when it filed for bankruptcy protection.<\/p>\n Which At Home stores are closing?<\/p>\n The following stores will close by Sept. 30 of this year, according to Hilco Consumer-Retail, which was retained to manage At Home’s store closings:<\/p>\n The following six stores joined the list in August, and are hosting liquidation sales.<\/p>\n Which At Home locations are staying open?<\/p>\n The following stores in New Jersey and Wisconsin, which were initially slated for closure, will now remain open:<\/a><\/p>\n Why did At Home file for bankruptcy?<\/p>\n Court documents<\/a>\u00a0said that rising interest rates, “persistent inflation,” and a growing concern over unsustainable customs costs resulting from increased tariffs led At Home to file for bankruptcy. As a result, At Home has already closed six stores over the past year.<\/p>\n “Given the expenses associated with brick-and-mortar operation and the issues affecting the retail industry, a number of the (At Home) remaining stores are operating at sub-optimal performance levels,”\u00a0court documents<\/a>\u00a0revealed.<\/p>\n As part of the bankruptcy filing, ownership of At Home will be transferred to a group of hedge funds and investment firms based in New York City and San Francisco, as outlined in a\u00a0news release<\/a>.<\/p>\n Contributing: Sara Chernikoff, USA TODAY.<\/p>\n Kathryn Palmer is a national trending news reporter for USA TODAY. You can reach her at kapalmer@usatoday.com<\/a> and on X @KathrynPlmr<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Michaels acquires Joann brands after bankruptcy filing Michaels is expanding by acquiring Joann\u2019s intellectual property and private label…\n","protected":false},"author":2,"featured_media":323399,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5311],"tags":[903,53267,1322,12621,2438,116859,1444,116861,28971,43319,43316,5777,5786,5775,5785,12,17749,116860,24572,1426,5776,5181,49,978,659],"class_list":{"0":"post-323398","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-states","8":"tag-bankruptcy","9":"tag-closure","10":"tag-company","11":"tag-company-news","12":"tag-department","13":"tag-furnishings","14":"tag-home","15":"tag-home-furnishings","16":"tag-mass","17":"tag-mass-merchants-u0026-department-stores","18":"tag-merchants","19":"tag-modular","20":"tag-modular-story","21":"tag-network","22":"tag-network-trending","23":"tag-news","24":"tag-store","25":"tag-store-closure","26":"tag-stores","27":"tag-story","28":"tag-trending","29":"tag-u0026","30":"tag-united-states","31":"tag-us","32":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114983712196393940","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/323398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=323398"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/323398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/323399"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=323398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=323398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=323398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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