Joann to close about 500 fabric and craft stores nationwide. Here's where stores are closing. [View all]
Source: CBS News
LOCAL NEWS
Joann to close about 500 fabric and craft stores nationwide. Here's where stores are closing.
By Victoria D
Updated on: February 12, 2025 / 4:40 PM EST / CBS Boston
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. But in January, the company began Chapter 11 proceedings to start a sale process.
"After carefully reviewing all available strategic paths to address our ongoing industry, economic and financial challenges, JOANN and its financial stakeholders determined that initiating a court-supervised sale process is the best course of action to maximize the value of the business," the company said in a statement. "Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for JOANN."
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Read more: https://www.cbsnews.com/amp/boston/news/joann-fabric-store-closings/
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