Michaels acquires Joan Brand after filing for bankruptcy
Michaels is expanding by acquiring Joan’s intellectual property and private label brands following the brand closure after filing for bankruptcy.
No Brands – News Value
- At home, he filed for Chapter 11 bankruptcy on Monday, June 16th.
- As a result, by September 30th, home goods retailers will close 26 “low-performing” stores.
The home household goods retailer will “underperform” 26 stores by fall after filing for bankruptcy on Monday.
At home, a Coppel, Texas-based furniture and home decor retailer filed for Chapter 11 bankruptcy on Monday, June 16th, as “the result of broader economic and retail-specific market pressures.” As a result, 26 stores from California to New York will be closed by September 30th.
The bankruptcy filing and store closure comes after several other big box retailers did the same this year.
Here’s what you need to know about filing and how it affects home customers:
Why did you file for bankruptcy from home?
Court documents say growing concerns about unsustainable customs costs resulting from rising interest rates, “sustainable inflation” and increased tariffs have led them to file for bankruptcy from home. As a result, six of our homes have already closed in the past year.
“Given the costs associated with brick and mortar store operations and the issues affecting the retail industry, the remaining number of stores operates at an optimal performance level,” court documents reveal.
As part of the bankruptcy filing, ownership from home has been transferred to a group of hedge funds and investment companies based in New York City, New York and San Francisco, California, and is outlined in a news release.
What is the store closed?
Court Document List The following location is the first store closure of the year.
- 6135 Junction Boulevard, Lego Park, New York
- 300 Baychester Avenue in the Bronx, New York
- 750 Newhall Drive, San Jose, California
- 2505 Royal Camino in Tustin, California
- 14585 Biscayne Boulevard, North Miami, Florida
- 2200 Harbour Boulevard in Costa Mesa, California
- 3795 E. Foothills Boulevard, Pasadena, California
- 1982, E. 20th St. in Chico, California.
- 2820 Highway 63 South in Rochester, Minnesota
- 26532 Town Center Drive Drive Suites AB Foothill, California Ranch
- 1001 E. Sunset Drive, Bellingham, Washington
- 8320 Delta Shores Circle South, Sacramento, California
- 1361 NJ-35 Middletown Township, New Jersey
- 2900 N. Bellflower Boulevard, Long Beach, California
- 720 Claireton Avenue, Pittsburgh, Pennsylvania
- 2530 Rudkin Road, Yakima, Washington
- 571 Boston Turnpike in Shrewsbury, Massachusetts
- 5203 W. War Memorial Drive in Peoria, Illinois
- 8300 Sudley Road, Manassas, Virginia
- 461 Route 10 East in Ledgewood, New Jersey
- 301 Nassau Park Boulevard, Princeton, New Jersey
- 300 Providence Highway in Dedham, Massachusetts
- 905 S 24th St. West, Billings, Montana
- Compass Creek Parkway, Leesburg, Virginia
- 3201 Mayfair Road, Wauwatosa, Wisconsin
- 13180 S. Cicero Ave. Crestwood, Illinois
When will you close your store at home?
26 initial stores will be closed by September 30, 2025, according to court documents.
Gretacross is a national trend reporter for USA Today. Story ideas? Please email her gcross@usatoday.com.