The retailer Burlington Stores Inc. (NYSE: BURL) has signed a deal to take over the leases of 45 store locations that formerly housed the bankrupt craft company Jo-Ann.
Burlington’s acquisition follows an expansion strategy by the company that saw the opening of 101 new stores last year. Other retailers including Boot Barn and Hobby Lobby have also picked up the leases on several of the now-shuttered Jo-Ann locations.
The financial aspects of the acquisition were not disclosed.
Jo-Ann’s filed for bankruptcy in January – its second filing within a year’s time – and announced in February that it was shutting down its entire 800-store chain. The craft company, which traced its roots back to 1943, blamed rising inflation and the disruptions created by the Covid-19 pandemic for its financial difficulties.
Love this. Thanks, Burlington! Jo-Anns started in my birth year. Fancy that!