Joann Fabrics, a prominent arts and crafts retailer, is closing several stores in 2025 as part of its restructuring efforts following a bankruptcy filing in March 2024. The closures come amidst economic challenges faced by retail chains since the pandemic.
Joann Fabrics is closing a string of stores after declaring bankruptcy last year.The arts and crafts retailer operates roughly 850 stores across the United States, but 2025 will see several closures as the chain works to get its finances on track.Retail chains have faced economic uncertainty since the coronavirus pandemic, which pushed many consumers toward online shopping over brick and mortar.
Almost 25 percent of America's largest shopping malls are anticipated to close by 2027, according to research from real estate services firm Green Street Advisors.Joann is closing six stores in these locations: Burlington, Iowa Owings Mills, Maryland Holyoke, Massachusetts Ithaca, New York Hickory, North Carolina Williamsport, Pennsylvania The closing stores will be offering shoppers major discounts, up to 90 percent off all items.The arts and crafts chain filed for bankruptcy in March 2024 after facing consistent financial issues.While Joann initially saw a sales boom during the pandemic as people focused on arts and crafts projects, sales declined in the years following.The retailer also had $1.2 billion in long-term debt as of December 2023, according to earnings reports.Joann's chief financial officer, Scott Sekella, released this statement: 'We remain committed to our suppliers, partners, Team Members and other stakeholders, and are focused on ensuring we continue to operate as usual so we can continue to best serve our millions of customers nationwide.'R.J. Hottovy, head of analytical research at Placer.ai, told Newsweek: 'Joann experienced a surge in demand for crafting products during the pandemic, but this has normalized over the past several years, leading to downward pressure on visitation trends'
BANKRUPTCY RETAIL ECONOMY CONSUMER TRENDS ONLINE SHOPPING
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