Joann Fabric and Craft Store Closures

SOURCE www.npr.org
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.

Key Points

  • Joann plans to close about 500 stores across the country
  • Slumping sales and declining market share have led to the closures
  • This is Joann's second Chapter 11 bankruptcy in less than a year
  • The company struggled to maintain inventory and lost market share to competitors like Hobby Lobby and Michaels