Joann to Close Nearly 500 Stores Amid Bankruptcy

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Joann to Close Nearly 500 Stores Amid Bankruptcy
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Joann Fabrics, facing challenges like sluggish consumer demand and inventory shortages, plans to close about 500 stores across the U.S., representing more than half of its current footprint. This move is part of the company's efforts to sell the business after filing for bankruptcy for the second time in a year.

FILE - A logo sign outside of a Joann retail store is seen in Arlington Heights, Ill., Wednesday, Jan. 15, 2025. right-sizing our store footprint is a critical part of our efforts to ensure the best path forward.”

Joann's roots date back to 1943, with a single storefront in Cleveland, Ohio. And the retailer later grew into a national chain. Formerly known as Jo-Ann Fabric and Craft Stores, the company rebranded itself with the shortened “Joann” name for its 75th anniversary. And, while Joann turned to implementing a new business plan after emerging from bankruptcy last spring, “unanticipated inventory challenges post-emergence, coupled with the prolonged impact of an excessively sluggish retail economy, put back into an untenable debt position,” interim CEO Michael Prendergast noted in a sworn court declaration filed when Joann initiated its latest Chapter 11 proceedings on Jan. 15.

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