Joann Fabrics has announced plans to close store approximately 500 of its 800 stores
Joann Fabrics, a prominent retailer of fabrics and crafts, has announced plans to closenationwide. This decision follows the company's second Chapter 11 bankruptcy filing within a year, citing financial challenges and declining consumer demand.
The closures will affect locations across all 50 states, with significant numbers in California, Florida, Pennsylvania, Ohio, and Michigan. For instance, California will see around 60 stores closing, while Illinois will lose 26 locations.
In Northern Virginia, all Joann stores except the one in Loudoun County are slated for closure.
The company is seeking court approval for the closures and plans to conduct sales at the affected stores to maximize business value. Remaining stores and online operations will continue for the time being.
