Joann, the beloved fabrics and crafts retailer that has served generations of crafty customers for over 80 years, is closing its doors for good. The Hudson, Ohio-based company announced the shutdown of all its stores, marking the end of an era, per CNN. The decision follows its second Chapter 11 bankruptcy filing in just a year, with the company citing declining consumer demand and inventory shortages. When it first sought bankruptcy protection in January, Joann had pledged to keep its stores open—but now, it has reversed course.
Earlier this month, Joann had announced plans to close 500 stores—more than half of its nationwide stores. However, on Sunday, the company revealed that following a recent auction, financial services firm GA Group, in partnership with Joann’s term lenders, emerged as the winning bidder to acquire nearly all of the retailer’s assets. As a result, Joann will begin winding down its operations, with going-out-of-business sales set to take place at all store locations.
Joann first went public in 2010 but was de-listed within a year. The retailer saw a resurgence during the pandemic-driven surge in stay-at-home crafting. It returned to the public market in 2021, but by 2023, sales had plummeted, leading to its first bankruptcy filing in early 2024.
When Joann filed for Chapter 11 bankruptcy protection for the second time in January, the company reported having approximately 19,000 employees, the majority of whom were part-time, per NBC News.
The company has published a detailed FAQ on its website, providing information about the going-out-of-business sales, which are set to begin immediately.
“Any dates for store closures or changes to the website and app will be communicated as soon as possible, and we expect it will take a number of weeks to complete our final sales.”JOANN stores.”
The statement added “JOANN.com and the mobile app will remain open and operating as we conduct the going out-of-business sales. • Any dates for store closures or changes to the website and app will be communicated as soon as possible, and we expect it will take a number of weeks to complete our final sales.”
Joann Fabrics, officially known as Joann Stores, is a leading American retailer specializing in fabrics, crafts, and home decor. Founded in 1943 as a single store in Cleveland, Ohio, Joann has grown into a nationwide chain with hundreds of locations. The company caters to hobbyists, DIY enthusiasts, and professional crafters, offering an extensive selection of fabrics, sewing supplies, yarn, seasonal decor, and art materials..
Over the years, Joann Fabrics has partnered with major brands and influencers to expand its product lines, offering exclusive patterns and designs. The company has also embraced sustainability by incorporating eco-friendly materials into its inventory.
