Courtesy of Tim Leedy/MediaNews Group/Reading Eagle/Getty
PITTSBURGH, PA (PTTP) — Joann Fabrics has seen 80 years of retail of crafts and fabrics,
however that is coming to a close. All of its stores nationwide are set to close after they filed, for
the second time, for Chapter 11 bankruptcy protection. The chain of craft stores has been
struggling with sales and at the beginning of this month they said they would close around 500
stores while keeping around 300 open. They ended up failing to find a buyer so they will have to
close all of the stores. They were really struggling with retail and adding that to the state of their
finances and their inventory levels this was what they had to do. They also struggled to battle
with online competitors. A Joann spokesperson said that they did everything they could to result
in a better outcome with the stores staying open. They filed for Chapter 11 protection for the first
time in March of 2024. They filed for bankruptcy again after court supervision in January.
Joann’s lenders and financial services company GA Group have taken over Joann’s assets. They
are having going-out-of-business sales at all of the stores that are still open and also on their
website. Some of these sales will start immediately and the company said that more information
about when the remaining stores will close will be announced on Joann’s website and app. Gift
cards are said to be valid through Feb. 28 and there are many items marketed down on their
website.
The company stated that they appreciate the support that they have received over these past 80
years.
For more information about the closing of Joann stores, check out
https://www.cbsnews.com/news/joann-fabrics-closing-stores-going-out-of-business-sales