Joann Inc., a beloved fabric and crafts retailer that has served quilters, knitters, and DIY enthusiasts for over 80 years, is officially going out of business and closing all of its stores.

Final Closure After Bankruptcy Filing

The Hudson, Ohio-based company had initially filed for Chapter 11 bankruptcy protection in January 2024, marking its second bankruptcy filing in less than a year. At the time, Joann assured customers that all stores would remain open despite sluggish consumer demand and inventory shortages.

However, earlier this month, the company announced plans to close 500 stores—more than half of its nationwide locations. Now, Joann has confirmed a full shutdown, following a recent auction where financial services company GA Group, along with Joann’s term lenders, emerged as the winning bidder to acquire the company’s assets.

What Happens Next?

• Going-out-of-business sales will begin at all Joann locations.
• Joann.com and the mobile app will remain operational for a limited time during the wind-down process.
• The company has not yet provided exact store closure dates, but updates will be shared as soon as possible.
• The final sales process is expected to take several weeks.

A Struggle to Stay Afloat

Joann had previously filed for Chapter 11 bankruptcy in March 2024 and later re-emerged as a private company. However, persistent operational challenges forced the retailer into bankruptcy once again in January.

In a statement, Joann acknowledged that leadership, board members, and legal advisors had explored every possible solution to keep the business afloat.

“We made every effort to pursue a more favorable outcome that would keep the company in business. We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders.”

Joann’s closure marks the end of an era for generations of craft lovers who have relied on the retailer for supplies and inspiration.

Source

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