Joann Fabrics to Close 500 Stores Amid Bankruptcy
To facilitate a sale of the business, Joann, a fabric and craft retailer, will close approximately 500 stores—over half its current locations—due to ongoing operational challenges and sluggish consumer demand. This follows the company’s second Chapter 11 bankruptcy filing in less than a year, attributed to inventory shortages and a weak retail economy. The closures, subject to court approval, aim to streamline operations and enhance the company’s viability. The company anticipates the sale will be facilitated by Gordon Brothers Retail Partners.
John Q. Hosedrinker