Massive retail chains across the country are entering the end of their liquidation and going-out-of-business sales, including Big Lots, Party City, Joann and Macy’s. Party City and Joann customers have just a few days to get in on the discount, while Big Lots and Macy’s shoppers will still be able to get their fix at a few remaining locations.
Big Lots
Big Lots filed for Chapter 11 bankruptcy in September and the company later announced that all of its remaining stores would shutter. However, in December 2024, Big Lots struck a deal that would save hundreds of its stores, Axios reported. The retailer is still holding a massive sale, offering 50-80% off the entire store, and its website says, “all stores closing.”
Variety Wholesalers, which runs Maxway and Rose Discount Stores is expected to take over 200 locations, which will operate under the Big Lots name, and two distribution centers according to Axios.
While Variety Wholesalers will save the locations, the status of Big Lots employees remains in question. A press release on the deal indicates that “Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint.”
AMERICA’S BUSINESS WINNERS AND LOSERS OF 2024 UNVEILED
Macy’s
In February 2024, Macy’s announced its “Bold New Chapter” initiative, which the company’s CEO, Tony Spring, called “a strong call to action” meant to modernize the iconic department store chain. Just under a year later, in January 2025, Macy’s said it would be closing 66 “non-go-forward” stores. The company is planning to focus on its 350 “go-forward” locations.
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,” Spring said in a January 2025 statement.
Macy’s began running clearance sales in January for some locations and February for others, according to Axios. The sales that began in January were set to go on for 8-12 weeks, while the ones that began in February were meant to last about six weeks.
LEASES FOR NEARLY 700 PARTY CITY LOCATIONS TO BE AUCTIONED OFF
Party City
Party City announced in December 2024 that it would shutter all of its stores over a year after it first declared bankruptcy. The party supplies retailer first declared bankruptcy in January 2023, but was able to get out of bankruptcy in September 2023. However, it filed for Chapter 11 again in December 2024 after 40 years in business.
“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Party City CEO Barry Litwin told employees during a call in December. “Unfortunately, it’s necessary to commence a winddown process immediately.”
The company said in a press release the reason for its decision came after “exhaustive efforts” to try to find a way to remain open “in an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors.”
Joann
As it entered the final two weeks of its sale, Party City announced it had slashed prices by as much as 80%, trying to entice customers to buy up its inventory. However, there does not appear to be a purchasing option on its website.
Joann, a major craft retail chain, announced in February 2025 that its 800 stores would be closing, leaving the company’s 19,000 employees without jobs, according to Axios.
“Since becoming a private company in April, the Board and management team have continued to execute on top and bottom-line initiatives to manage costs and drive value,” said interim CEO Michael Prendergast said in a press release.
The craft retail chain was founded in 1943 and started as a single storefront in Cleveland, Ohio. Joann went public in 1969 and by 1998 it was the largest retailer of its kind in the U.S., Axios reported.
As of now, Joann is offering up to 50% off its inventory and appears to be selling items online.
Coresight Research, a research and advisory firm that focuses on retail and technology, predicts that as many as 15,000 stores could shutter in the U.S. this year, more than double the 7,325 U.S. stores that closed in 2024, according to a press release disseminated by Business Wire.
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