Joann Fabric and Craft Stores, after filing for bankruptcy twice in less than a year, is liquidating its assets. This week, 255 locations will begin closing their doors permanently, followed by the remaining 500+ stores in May. Going-out-of-business sales are currently underway at the initially closing stores. The closures mark the end of a significant presence in the fabric and craft retail industry.
Following a failed attempt to secure a buyer willing to maintain its operations, Joann Fabrics will close all 800 of its stores nationwide. A nationwide going-out-of-business sale will commence immediately, as mandated by the winning bidder in the asset auction. Despite exploring all options to remain operational, the company will now wind down its operations after more than 80 years. Founded during World War II, Joann experienced periods of both success and financial struggles, ultimately succumbing to declining sales and filing for Chapter 11 bankruptcy protection twice. The company will work to minimize the impact on its 19,000 employees and customers during this closure.
John Q. Hosedrinker