Three major retailers, Party City, Big Lots, and Joann, have closed hundreds of stores as part of their Chapter 11 bankruptcy processes. However, in the case of Party City and Big Lots, there’s a glimmer of hope for revival.
Party City recently completed its going-out-of-business sales, but its new owners claim to be reviving the brand with a fresh new look and expanded product selections. The company’s website promises “a bigger, better, and more exciting Party City experience” for customers.
Big Lots, on the other hand, is closing all of its stores but has sold the rights to operate some of them under the Big Lots brand name. The company claims it will continue to sell high-quality products at discounted prices through its new partnership with Variety Wholesalers Inc.
Joann, a fabrics retailer, appears to be in more dire straits. After two Chapter 11 bankruptcy filings, the company has stopped all sales on its website and is selling merchandise to “the bare walls.” Most Joann locations have already closed, and the remaining ones are expected to shut down by the end of May.
While it’s uncertain whether Joann will receive a last-minute reprieve, Party City and Big Lots’ revivals offer a sense of hope for customers who love these retailers.
Source: https://www.thestreet.com/retail/after-chapter-11-bankruptcy-3-huge-retailers-share-their-final-days