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Joann is Closing All of Its Remaining Stores and Going Out of Business
CBS News has learned that Joann, a more than 80-year-old fabric and crafts retailer, will be shutting down all of its remaining stores nationwide. The move comes after the company filed for Chapter 11 bankruptcy protection for a second time.
According to reports, Joann initially announced plans to close approximately 500 stores while keeping around 300 locations open. However, despite efforts to find a buyer that would keep the company in business, Joann has ultimately decided to cease operations altogether.
“We made every possible effort to pursue a more favorable outcome that would keep the company in business,” said a Joann spokesperson in a statement.
The retailer’s assets have been acquired by financial services company GA Group, along with its lenders. As part of this acquisition, all remaining stores will now be conducting going-out-of-business sales. These sales are expected to begin immediately, with store closure dates to be announced on the company’s website and app.
In a statement, Joann expressed gratitude to its dedicated team members, customers, and communities for their continued support over the years. The company also reminded customers that gift cards will remain valid until February 28th.
Joann has long struggled to compete with online retailers, a challenge faced by many large brick-and-mortar stores. Despite efforts to adapt, the company has ultimately been unable to overcome these challenges.
The closure of Joann’s remaining stores marks the end of an era for the fabric and crafts retailer, which had previously filed for bankruptcy in March 2024 only to briefly emerge from court supervision before declaring bankruptcy again in January.
For more on this developing story, stay tuned to CBS News.
Source: https://www.cbsnews.com/news/joann-fabrics-closing-stores-going-out-of-business-sales/
