Craft retailer Joann has announced plans to close six store locations across the United States, including Holyoke, Massachusetts, and Ithaca, New York. The closures are part of a routine evaluation and optimization process.
According to Amanda Hayes, director of corporate communications for Joann, the closures do not indicate any further economic challenges or issues with new store openings. However, the retailer has faced financial difficulties since filing for Chapter 11 bankruptcy in March 2024.
Prior to the bankruptcy filing, Joann had 815 stores, with 96% of them profitable. Since then, new executives have been appointed, and the company has implemented cost-cutting measures. Despite this, some locations are still struggling.
The latest closures bring the total number of store closures for the year to six. Other stores have already shut down in Hermitage, Pennsylvania, and Cockeysville, Maryland.
Source: https://www.retaildive.com/news/joann-closes-stores/736601