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.
Main Idea: Joann plans to close about 500 stores nationwide after bankruptcy and a court-supervised sale process.
Key Points:
Joann store closures could cut jobs and leave shoppers with fewer nearby places to buy fabric and craft supplies.
Going-out-of-business sales may give households lower prices for a limited time.
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Primary company announcing about 500 store closures and a bankruptcy-related sale process.
Listed among states seeing many Joann closures.
Listed among states seeing many Joann closures.
Listed among states seeing many Joann closures.
Listed among states seeing many Joann closures.
Listed among states seeing many Joann closures.
Listed among states seeing many Joann closures.
Listed among states seeing many Joann closures.
Listed among states seeing many Joann closures.
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Mentioned as a comparison in the broader retail closure context.