Big Lots, Macy’s, Party City & Joann Are Closing Stores: What It Means for Shoppers
If you love bargain hunting, now might be your last chance to snag deep discounts at some of your favorite stores. Big Lots, Party City, Joann, and Macy’s are all shutting down locations, with liquidation sales in full swing. Some have just days left before closing for good, while others still have a little time before the doors shut permanently. Here’s what’s happening and how long you have to shop before it’s all gone.
Big Lots: Bankruptcy and a Last-Minute Lifeline
Big Lots filed for Chapter 11 bankruptcy in September 2024 and initially planned to close all remaining stores. However, in a surprising turn, the company struck a deal in December that will keep hundreds of locations open. Variety Wholesalers, the company behind Maxway and Rose Discount Stores, is expected to take over 200 Big Lots stores and two distribution centers, as reported by Store Brands.
Macy’s: The Bold New Chapter Means Major Closures
Macy’s is also making big moves. In February 2024, the retailer announced its Bold New Chapter strategy, aimed at modernizing the iconic department store. CEO Tony Spring called it “a strong call to action,” but part of that plan involves shutting down underperforming stores.
By January 2025, Macy’s confirmed it would be closing 66 “non-go-forward” stores while focusing on its 350 best-performing locations.
“Closing any store is never easy,” Spring said in a January 2025 statement. “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.”
Clearance sales have been underway since January and February, with discounts lasting between six and 12 weeks.
Party City: The Final Goodbye After 40 Years
After first filing for bankruptcy in January 2023, Party City managed to claw its way out by September of that year. But by December 2024, the party was officially over. The company announced it would be shutting down all of its remaining stores after failing to find a way to stay open.
“We’ve done everything possible to try to avoid this outcome,” Party City CEO Barry Litwin told employees on a December call, according to a report from Reuters. “Unfortunately, it’s necessary to commence a wind-down process immediately.”
In its final weeks, Party City slashed prices up to 80%, but it appears customers can no longer shop online.
Joann: The Craft Giant’s Sudden Collapse
Joann, a beloved craft retailer, announced in February 2025 that all 800 of its stores would be closing.
Interim CEO Michael Prendergast reflected on the company’s struggles in a press release: “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.”
Now, it’s offering up to 50% off its inventory as it winds down operations. Online shopping is still available for now.
If your favorite retailer is on shaky ground, now might be the time to take advantage of clearance sales—before it’s too late.
