A growing culling of corporate retail chains rolls on in Ulster County. The latest casualty looks like Joann, the fabric and craft store sited in the Town of Ulster. It was one of 526 Joann locations listed as a candidate to be closed in a recent announcement from the aggressively “right-sizing” retailer. The stores listed for closure represent roughly two-thirds of all Joann outlets.
This comes on the heels of Big Lots forecasting the closure of its retail outlet at same shopping plaza. On the bright side, it was recently announced that the shuttered Red Lobster down the street will potentially become a Chick-fil-A.
Town Supervisor James Quigley told reporters he was eyeing new tenants closely, and that if another “dollar store” type business moved in, it could indicate corporations see the local economy as a poor supporter of retail sales.
Less than two years ago, L.L. Bean moved into the vacated Bed, Bath & Beyond. Could that trend already be reversing? If the continued desolation of the Hudson Valley Mall is any indicator, cause for concern is justified.
Jo-Ann Stores, LLC pulled in a whopping $2 billion in sales for 2024 (down from $2.7 billion in 2021), but massive debt caused the company to declare bankruptcy in March of that year.
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