Fabric and crafts retailer Joann Fabrics announced the closure of approximately 500 stores across the United States. This decision comes almost a year after the company filed for bankruptcy in March 2024, citing high shipping costs and declining consumer demand. Joann initiated a court-supervised sale process in January and will begin going-out-of-business sales this Saturday.
Fabric and crafts retailer Joann announced Wednesday it will be closing about 500 stores nationwide, almost a year after filing for bankruptcy.The Hudson, Ohio-based company, which operates more than 800 stores, declared bankruptcy in March 2024 while reporting between $1 billion and $10 billion in debt. In court documents, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand . At the time, they planned to keep stores open.
There are almost 60 locations closing in California, and other states seeing a lot of closures include Florida, Illinois, Massachusetts, Maryland, Michigan, Minnesota, New York, Pennsylvania and Texas.Click here for the full list of the hundreds of Joann store closures.Going-out-of-business sales are expected to start on Saturday and could continue for several months, Joann said. Gift cards are still being accepted for in-store purchases, but not online shopping.
Retail Closures Bankruptcy Joann Fabrics Store Closures Consumer Demand
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