Joann fabrics and crafts, has announced they are closing approximately 500 of its 800 stores in the coming months. We do not know which specific locations are closing at this time.
“This was a very difficult decision to make, given the major impact we know it will have on our team members, our customers and all of the communities we serve,” a Joann spokesperson said.
This reduction comes after Joann filed for bankruptcy last month for the second time in less than a year. The company said it was looking for a buyer. Newly filed court documents reveal that as the “sale process progressed, and prospective bidders continued to conduct diligence and refine their potential bids, the debtors and their advisors were able to identify a subset of underperforming stores that are unlikely to be considered or included in any going concern bid.”
Joann has now become one of the struggling brick-and-mortar stores. We have already seen many other retailers shuttering locations – include Kohl’s and Macy’s. More than 15,000 stores are expected to close in 2025.
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