Joann to Close Over 500 Stores Amid Second Bankruptcy Filing
Joann Inc. plans to close about 60% of its stores nationwide, citing declining sales and a second Chapter 11 bankruptcy.
As a result, Joann has lost market share to online retailers and bricks-and-mortar competitors such as Hobby Lobby and Michaels, he added.
Craft supplier Joann to close 60% of its stores across U.S. as it looks for a buyer
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The retailer filed a motion this week seeking the court's authority to begin closing 500 of its stores across the nation as it proceeds with the Chapter 11 process.
Major crafts retailer plans to close hundreds of locations
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The impact of the fabric and craft stores' closures will be felt unevenly across the country, based on an analysis of its recent bankruptcy filing.
Joann closing hundreds of stores. Maps and lists show which states hit the hardest
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Summary
Joann Inc. announces plans to close around 500 of its 850 stores as part of its strategy to restructure in light of slumping sales and a second Chapter 11 bankruptcy filing. The closures will affect nearly every state, particularly California, Florida, and Great Lakes regions. The company cites unsustainable debt and inventory challenges, indicating a shift towards maximizing business value through a potential sale process. Going-out-of-business sales are expected to begin soon at the affected locations.
Perspectives
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