As several major retail chains struggle to stay afloat, big names like Macy’s, Big Lots, Joann, and Forever 21 are heading into their final phases, offering shoppers massive discounts at their going-out-of-business sales.
These brands, once staples in American shopping malls, have faced significant challenges, especially as the post-pandemic retail landscape has shifted dramatically. But for bargain hunters, it’s a golden opportunity to score big savings before these stores close for good.
For Joann, the end is near. The beloved fabric and craft retailer, which filed for bankruptcy twice in a year, is closing all 800 stores across the U.S. After filing for bankruptcy twice in a span of just a year, Joann will be no more. By the end of April, 255 stores had already shut down, leaving only about one-third remaining to close over the coming weeks. The massive liquidation sale is already in full swing, with discounts reaching up to 70% off. However, time is running out, Joann has confirmed that all of its stores will shut their doors by the end of the month. Online shopping has also been discontinued, and customers are urged to beware of potential scams as these closing sales wind down. If you’re a fan of DIY projects, now’s your last chance to stock up on supplies from Joann at steep discounts, but you’ll need to visit the stores in person to grab the deals. The fabric retailer has been in business for many years, and the announcement of its complete closure marks the end of an era for many crafting enthusiasts.
Meanwhile, Macy’s is also going through tough times. The iconic department store announced plans to close 66 underperforming locations by 2026, which will impact stores in 22 states, including California and Virginia. These closures are part of a broader restructuring plan as Macy’s grapples with high real estate costs. Among the locations to be closed, Macy’s has confirmed that five stores in New York will shut down, including locations in Fordham Place, Queens Place, Sheepshead Bay, Sunrise Mall, and Staten Island Furniture. In addition to these closures, Macy’s also closed a longtime store in Brooklyn after 30 years of operation. While Macy’s isn’t going under entirely, this round of closures is a significant blow to the brand’s presence in many states. Each of these closing stores will hold liquidation sales to mark their end. The fate of Macy’s has been tied to high real estate costs, with many of the company’s physical locations proving too expensive to keep open.
On the brighter side, Big Lots has made a remarkable comeback. After facing bankruptcy, the discount chain has begun reopening stores across the U.S. Over 200 locations are expected to relaunch in the coming weeks, marking a stunning turnaround for the brand. The first wave of stores that opened back up included locations in six states, such as Kentucky, Louisiana, Mississippi, North Carolina, Tennessee, and Virginia. Approximately 55 additional Big Lots stores opened as of May 1, signaling that the brand’s efforts to bounce back from its financial troubles are succeeding. Big Lots’ comeback is a rare success story in the current retail climate, proving that with the right adjustments, a brand can bounce back from financial trouble.
However, it’s not all rosy in retail land. Forever 21, another well-known retailer, is closing all of its stores after filing for bankruptcy earlier this year. The company, which has been around for more than four decades, could not compete with the rising influence of international fast-fashion giants like Shein and Temu. Despite attempts to find a buyer, Forever 21’s efforts to stay afloat failed, and prices had already been slashed by 60% before the company shut its doors for good on May 1. The brand’s bankruptcy is a reflection of the fierce competition it faced from online platforms, which have undercut Forever 21’s sales and market share.
These closures reflect a broader trend in retail, where brands that once seemed invincible are now battling to survive. Many of the companies that are going out of business, like Joann and Forever 21, have struggled to adapt to the changing needs of consumers and the growing dominance of online shopping. Others, like Macy’s, are adjusting their operations in response to shifting market conditions, focusing more on their most profitable locations. Real estate prices and changing consumer habits are increasingly dictating the survival of these retailers.
For consumers, this wave of store closures presents a bittersweet opportunity. While it’s sad to see some of these beloved brands go, it’s also a chance to snag great deals. Whether you’re looking to buy fabric, home goods, or even high-end fashion, you can find deep discounts during these closing sales. But don’t wait too long, once the doors close, these opportunities will be gone for good.
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