Closure of Joann Stores

Joann, a major national retailer of fabric and craft supplies, is going out of business and closing all its roughly 800 stores across the U.S. due to financial struggles and losing market share to online and brick-and-mortar competitors.

Joann Fabric and Craft Store Closures

Joann, the fabric and craft chain, plans to close about 500 stores across the country, constituting more than 60% of its retail outlets, due to slumping sales and declining market share. This is the company's second Chapter 11 bankruptcy in less than a year.

Joann craft store filing for bankruptcy

Joann, the craft store chain, has filed for bankruptcy but will remain open as it restructures its finances. The company expects to receive new financing and reduce its debt without disrupting services to customers, vendors, and landlords.