On March 17, 2025, it was reported, after 115 years in business, Yager Furniture here is closing, as its owners plan to retire and concentrate on other business ventures. To facilitate the process, Yager is working with the Lynch Sales Co. to coordinate its going out of business efforts. At the conclusion of its "Great $2 Million Store Closing/Retirement Sale," which begins Friday, March 21, the store will be permanently closed. "We have enjoyed a tremendous and close-knit relationship with hundreds of families who have furnished and decorated their homes with us in Berne and Northern Indiana communities for many decades," said owner Ben McDonald. "Now the time has come for us to spend more time with our families and on other business interests." The Berne, Ind.-based retailer carries more than $2 million worth of sofas, chairs, sectionals, dining tables, bedrooms, accessories and hand-knotted rugs. "Everything in our store and warehouse will be sold to the bare walls as quickly as possible," McDonald said. "This is a sale with a real reason that creates an unprecedented opportunity for consumers of home furnishings, accessories and fine rugs."
On March 17, 2025, it was reported, diminishing mall traffic and stiff competition from online retailers took a toll on Forever 21. Earlier in March, it said it would dismiss nearly 700 employees. And it planned to close stores as well. Forever 21 files for bankruptcy, plans liquidation Younger consumers who may have once been inclined to take a YOLO-inspired approach to shopping have changed their tune in recent years in the wake of inflation-related concerns. Wells Fargo reported earlier this year that 82% of Gen Z adults were cutting back on spending, as were 60% of teens. On March 16 Forever 21 filed for Chapter 11 bankruptcy for the second time in six years. Filing in U.S. Bankruptcy Court in Wilmington, Del., the company cited competition from foreign brands as a big driver. "While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast-fashion companies," Chief Financial Officer Brad Sell in a statement. The company is planning an "orderly wind down of operations," including a liquidation of its roughly 350 U.S. stores. The company's trademark and intellectual property, which are held by Authentic Brands Group, may live on in a different form. Forever 21 has assets in the range of $100 million to $500 million and liabilities in the $1 billion to $5 billion range, according to its bankruptcy filing. Fans of the store should be on the lookout for liquidation sales in the coming weeks. Given Forever 21's already low price points, even cash-strapped customers may find deals they can comfortably swing.
On February 25, 2025, it was reported, soon after it announced a major restructuring effort and layoffs, RTA furniture specialist Dorel Inds. entered into a sale-leaseback transaction for its plant and warehouse in Columbus, Ind. The company says it's in "serious financial difficulty" and that this transaction will help it reduce debt, finance the growth of its Juvenile segment and turn around its furniture segment, which has seen steady quarterly losses for more than two years. Gross proceeds from the sale will be $30 million, of which $8 million will be used to pay down debt. As of last quarter, the company's debt amounts to around $400 million. The company's owners and directors Martin Schwartz, Jeffrey Schwartz, Jeff Segel and Alan Schwartz are named in the release as purchasers/lessors of the facility. The lease has an initial term of 10 years and may be renewed by Dorel for two renewal terms of five years each. The initial annual rent is $2.9 million, subject to annual increases. The obligations of the lessee, Dorel Juvenile, "are not guaranteed by parent company Dorel Inds.," the company wrote. Dorel said it will file a material change report with respect to the transaction on SEDAR+, a Canadian database for organizations to submit financial documents. The company said it will not file the material change report at least 21 days before the closing date of the transaction "as the terms and conditions of the transaction were only recently finalized." It believes a shorter period is necessary for the transaction to close more quickly.
On February 24, 2025, it was reported, Joann will shut down all of its stores, pending court approval, the company said in a Sunday statement. The move follows a bankruptcy auction in which the winners, GA Group and the retailer's lenders, said they will initiate going out of business sales at all locations. Court documents show GA Group and the lenders will offer cash consideration to pay Joann's lenders in full. The retailer reported $615.7 million in debt in January. The winning bidders will also offer an additional $105 million credit bid for most of the company's assets. Joann stores will likely disappear from the physical retail landscape after two bankruptcies in 10 months, bringing an end to 82 years of retail operations. A sale approval hearing is scheduled for Wednesday in U.S. bankruptcy court for the District of Delaware. The craft and sewing retailer first filed for Chapter 11 in March 2024 and concluded the process about a month later. Under that restructuring, the court allowed Joann to write off over $500 million of the company's nearly $1.1 billion in debt. The company kept all of its 800-plus stores open, retained the jobs of about 18,000 employees with the aid of $132 million from its lenders, and went private. Founded in 1943 by German immigrants, the Ohio-based company had grown to 500 stores by 1980. In 2024, Joann's net sales reached $2 billion, most of which was in the arts, crafts and home decor categories, with the balance in sewing and non-merchandise services.
