Joann, a leading fabrics and crafts retailer, has announced it is closing all its stores after filing for Chapter 11 bankruptcy protection. The move comes after the company initially vowed to keep its stores open despite sluggish consumer demand and inventory shortages.
In January, Joann filed for bankruptcy for the second time in a year, citing operational challenges. However, earlier this month, the retailer announced plans to close over half of its nationwide footprint, with 500 stores set to shut down. A recent auction has now secured a buyer, GA Group, who will acquire substantially all of Joann’s assets and wind down operations.
Despite store closures, the company’s website and mobile app will remain open, allowing customers to continue shopping online during going-out-of-business sales. The exact dates for store closures and changes to the website are still pending posting.
Joann’s leadership stated that they made efforts to avoid bankruptcy but ultimately decided on liquidation to minimize impact on stakeholders.
Source: https://edition.cnn.com/2025/02/25/business/joann-closing-all-stores-intl/index.html