This is such sad news for me as I went there all the time. I took my friends from out of town there ... I just loved that store. There is no explanation as to why, but my guess is the economy finally won the battle.
I went down to say goodbye to friends this morning and the store was packed!!! 1000's of people had the same idea and it was sad. You couldn't park within a mile of the store. People crying and store employees who have been there for years trying to keep up with the pace. No going out of business sale just everyday prices and I managed to spend a few dollars on my last visit there.
There just won't ever be another place like it. Unique fabrics, an old warehouse, three floors of anything and everything fabric and sewing related. I feel sad.