U.S. retail sales dropped by the most in nearly two years in January, likely because of frigid temperatures and moderation following hefty gains in the past four months, suggesting a sharp slowdown in economic growth early in the first quarter.

U.S. retail sales tumbled sharply lower in January, snapping a five-month winning streak, as extreme weather, California fires and surging inflation trigged a consumer spending hangover following December's solid gains.

U.S. retail sales fell more than expected in January, dropping a seasonally adjusted 0.9% from December to $723.9 billion, the Commerce Department said. Economists surveyed by The Wall Street Journal had expected a drop of 0.

Jo-Ann Stores, an American fabric and craft retail company, faces significant closures of its stores, commonly known as Joann. According to USA Today, the chain is gearing up to close “approximately 500,

Joann, the financially troubled arts-and-crafts retailer, announced Wednesday that it was preparing to close 500 of its 800 remaining stores after its latest bankruptcy filing. The announcement came one month after the eight-decade-old company filed for bankruptcy for the second time in less than a year,