That is so true. A bunch of frat boys ran a consortium of retail stores with no apparent real-life similarity, and three of them from that portfolio that I know of recently went out of business: RiteAid pharmacies, PartyCity party supplies, and JoAnn Fabrics. Of the three, there is no substitute for JoAnn's full line of goods, and it may be the same for PartyCity. At least not in our large metro region.
My wife is very upset about JoAnn Fabrics. A huge loss, with nothing like a replacement in sight.