Major fabrics and crafts retailer Joann Fabrics, a go-to destination for quilters, knitters, crafters, and sewing enthusiasts for more than 80 years, has announced it is going out of business and closing all stores.
The announcement comes after the Hudson, Ohio-based company filed for Chapter 11 bankruptcy protection in January—its second time doing so in a year—citing weak consumer demand and inventory challenges. During the time of filing, reps for Joann said all locations would remain open.
Earlier this month, the retailer revealed plans to close 500 stores, representing more than half of its nationwide presence of around 850 stores. Following a recent auction, financial services firm GA Group and Joann’s term lenders have emerged as the winning bidders and acquired most of the company’s assets. This led to Joann beginning to liquidate its operations and planning to hold…
