3 huge retailers share closing dates after Chapter 11 bankruptcy

Stores are closing and the end is near, but there is still time to get one last deal and to say goodbye.

Mar 22, 2025 - 20:24

3 huge retailers share closing dates after Chapter 11 bankruptcy

Beware going-out-of-business sales.

In most cases, the original company partners with a company that specializes in store closing sales. That partner knows when to lower prices and how to manipulate the audience to maximize revenue.

While this does not always happen, in many cases, merchandise is brought in that never would have been sold by the original retailer. It's a sometimes shady business that comes with no returns if what you bought isn't quite what you wanted.

These sales can also be confusing because it seems like retail brands no longer fully die anymore. In fact, two of the companies on this list have already begun their revival under new owners.

In both cases, hundreds of stores will stay closed, but there won't even be a real period where one version of the brand goes away before another rises in its place.

Party City has filed for Chapter 11 bankruptcy twice over the past two years.
Image source: Shutterstock

Party City is closing (and opening)

Most Party City locations finished their going-out-of-business sales in January, while a few remain open, closing out their inventory.

The chain's website, however, makes it clear that the brand isn't staying dead for long. Under the headline "A Whole New Party City Is Coming," the chain's new owners share vague plans for the brand.

"Get ready for a bigger, better, and more exciting Party City experience! We’re transforming the way you celebrate with a fresh new look, expanded product selections, and even more ways to bring your party to life. Whether you’re planning birthdays, holidays, or any special occasion, the new Party City will be your ultimate destination for all things festive."

It also acknowledged that most stores have closed.

"As some Party City stores are closing, you can find great values. All of the remaining Party City stores will have those amazing items you’ve loved all your life," it added.

New Amscan PC, LLC, an affiliate of Ad Populum, LLC, purchased "substantially all" of Party City's intellectual property and related wholesale operating intangible assets as part of the Company's Chapter 11 process," according to a press release.

The new owner did not take over any Party City leases and has not shared whether it plans to open any retail stores. Amscan has traditionally been a wholesale brand.

Big Lots is also both closing and opening

Like Party City, Big Lots is both dying and being resurrected at the same time. All of Big Lots roughly 900 stores are closing or have already closed.

The company, however, has sold the right to operate some of its stores under the Big Lots brand name.

"We recently closed our sale agreement with Gordon Brothers Retail Partners, LLC, which will enable Variety Wholesalers, Inc. to acquire between 200 and 400 Big Lots stores that it plans to operate under the Big Lots brand, as well as up to two distribution centers," the company shared on its website.

Variety Wholesalers operates the Roses Brand, a chain with about 400 locations that's not that different from what Big Lots offered.

"We have one purpose: to bring you high quality, name brand products with a price tag that’s usually lower than the other guys. Save big on products for the entire home and for every occasion. That’s the Roses Way," the chain shared on its website.

Joann seems to actually be dying

After two Chapter 11 bankruptcy filings in under 12 months, Joann, the fabrics retailer, appears to actually be closing. As of March 5, the retailer stopped all sales on its website, which is advertising that it's "Going out of business" and "Selling to the bare walls."

The company has stopped taking its own gift cards. It has also stopped taking returns.

"All purchases made in-store or on Joann.com are Final Sale and cannot be returned for a refund or store credit," it shared in its FAQ.

Some Joann locations have already closed and the remaining ones are expected to be shuttered no later than the end of May, but most will close earlier than that.

More closings:

It does not appear likely that Joann will get a last-minute reprieve or quick revival like Big Lots and Party City. It shared the following news with its vendors.

"Going-out-of-business sales have begun at all locations. As a result, the company has generally stopped purchasing goods and services except for those that it believes are essential to supporting an orderly wind-down of operations."