The recent bankruptcy of Joann fabrics has prompted Burlington Stores to take advantage of available retail spaces by acquiring 45 leases across multiple states. Anticipating control of these locations by June 1, Burlington seeks to enhance its store count, particularly focusing on previously utilized Joann sites which have strong community ties. Following Joann's second Chapter 11 filing, which was driven by inflation and shifts in consumer behavior, all of Joann's nearly 800 locations are set to close by May's end, presenting Burlington with low-cost opportunities for expansion in key markets.
The swift closure of Joann fabrics presents Burlington Stores with a unique opportunity to take over prime retail spaces at minimal lease costs.
Burlington aims to increase its presence as it anticipates operating these former Joann locations by early June, capitalizing on the retail vacuum left behind.
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