joann to ends 80 year legacy
One of the most loved fabric and crafts retail houses, Joann Inc., is all set to close its stores after more than 80 years of operations. The company based in Hudson, Ohio was a beloved destination for quilting, knitting and crafting enthusiasts. Joann filed for Chapter 11 bankruptcy protection in March 2024. After initially promising to keep stores open, Joann felt a sting from reduced consumer demand and inventory shortages that forced the closure of approximately 800 stores.
Founded during World War II by German immigrants Cleveland Fabric Shop Joann became a much larger fabric retailer once in the U.S. Following IPO in 2010, it fell into difficulties and was delisted by 2011. A brief revival in the craft-boom pandemic years could not save the company and so in January Joann filed its second Chapter 11 bankruptcy. By that time Joann employed approximately 19,000 employees, most of them in part time positions.
After the recent auction, GA Group and Joann’s lenders purchased most of the company’s assets. They will manage the winding down of the company and the going out-of-business sales at all Joann locations. The company confirmed that its outlets, online store and mobile application will remain open during the clearance sales but it hasn’t announced dates for when it will close its doors. Joann says that closure will take several weeks.
Despite efforts aimed at saving the business, including restructuring and searching for a buyer, continued operations were not possible for the company which led to a complete closure of all its 800 stores. Joann thanked its employees, customers and communities for their unwavering support over the years.
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