When I heard the news…I thought, “Not again!” But yeah, it’s happening AGAIN.
Joann Fabric and Craft Store has filed for Chapter 11 bankruptcy for the second time within a year. Due to financial and inventory issues, the retailer first filed for bankruptcy protection in March 2024. A month later, they became a private company and kept all stores open.
Today, the company is looking to sell its assets to Gordon Brothers Retail Partners.
Unless Joann finds a higher bidder, it’s likely that Gordon will launch “Going Out of Business” sales. Joann plans to close six locations in Iowa, North Carolina, Maryland, Pennsylvania, New York, and Massachusetts this week. The closing stores will offer consumers major discounts up to 90% off all items. Shoppers should expect more Joann closures in the near future,
While stores are closing, Joann’s director of corporate communications, Amanda Hayes, said that new or remodeled locations recently opened in Great Falls, Montana and Maplewood, Minnesota.
Currently, Joann has about 850 stores in 49 states. Joann operates stores in 30 locations in Washington, with one in Kennewick. Oregon has 25 locations. Joann did see a sales boom during the pandemic. More people were focused on arts and crafts projects. Sales have declined in the following years.
Joann Fabric and Craft Store joins the latest retailers Macy’s and Kohl’s in announcing closures. Times are tough. In the past few years, we saw the closures of Bed Bath and Beyond, David’s Bridal, Tuesday Morning, Sears, and more.
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