Major crafts retailer plans to close hundreds of locations

Published On Feb 13, 2025, 11:22 AM

Joann Inc., a major crafts retailer, has announced plans to close up to 500 stores following a recent Chapter 11 bankruptcy filing. This closure strategy is aimed at right-sizing the company's operations amidst a challenging retail landscape characterized by increased competition and declining sales. The closures are set to be effective soon, with going-out-of-business sales expected to start on February 15. The company is under a court-supervised process to maximize business value and is seeking to sell its assets, with potential bids being solicited from other interested parties.