Joann Fabrics to Close All 800 Stores After Bankruptcy Filing
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