UPDATE
Feb 24, 2025 6:45 PM CST
Fabric and crafts retailer Joann Inc., which has been a destination for quilters, knitters, and lovers of craft projects for 80 years, is going out of business and shuttering all its stores. Earlier this month, the retailer, which filed for bankruptcy in January, said it planned to close 500 stores, more than half of its nationwide footprint. It said Sunday that financial services company GA Group, the winning bidder at an auction of its assets, would begin winding down the company's operations and conduct going-out-of-business sales at all store locations, the AP reports. On its website, Joann posted that the dates for store closures will be posted as soon as possible, and that it expects it will take a "number of weeks to complete our final sales."
Feb 13, 2025 2:30 AM CST
Struggling fabric and crafts seller Joann plans to close about 500 of its stores across the US—or more than half of its current nationwide footprint, the AP reports. The move, announced Wednesday, arrives amid a tumultuous time for Joann. Last month, the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection for the second time within a year, with the company pointing to issues like sluggish consumer demand and inventory shortages. Joann previously sought Chapter 11 in March 2024 and later emerged as a private company. But after operational challenges continued to pile up, Joann filed for bankruptcy again in January. It's now looking to sell the business—and maintained in a filing Wednesday that closing "underperforming" locations is necessary to complete that process.
"This was a very difficult decision to make, given the major impact we know it will have on our Team Members, our customers and all of the communities we serve," the company said in a statement sent to the Associated Press. "(But) right-sizing our store footprint is a critical part of our efforts to ensure the best path forward." Joann currently operates around 800 stores across 49 states. The initial list of the roughly 500 locations it's looking to close can be found on the company's restructuring website—spanning states including Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, New York, Pennsylvania, Texas, and more. When exactly those closures will take place and how many employees will be impacted has yet to be seen. Joann's Wednesday motion seeks court permission to begin the process.
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