Joann Fabrics closure.Photo:Tim Leedy/MediaNews Group/Reading Eagle/Getty
Tim Leedy/MediaNews Group/Reading Eagle/Getty
Joann Fabrics has announced it will close all of its stores.
It had previously announced the closure of approximately 500 of its 800 locations. However, after it was auctioned off to a new ownership group, it was confirmed that all locations will close, according toUSA TODAY.
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Joann Fabrics bankruptcy.Joe Raedle/Getty
Joe Raedle/Getty
“Time is of the essence,” lawyers for Joann said. “The Debtors face significant liquidity constraints which are best addressed through a swift but robust marketing and sale process.”
The company claims that “the last several years have presented significant and lasting challenges in the retail environment” that have resulted in their difficult financial situation.
For now, Joann’s said in astatement, their stores remain open to shoppers while the sale process continues. Both the website and mobile app remain accessible to shoppers for the time being.
Auction results are expected to be approved Wednesday, Feb. 26 at a hearing in the U.S. Bankruptcy Court for the District of Delaware, according toUSA TODAY.
Joann’s is just the latest major U.S. retail chain to call it quits.
Kmart announced it would closeits last stores in the continental U.S. in October 2024. Big Lots filed for bankruptcy in September 2024. And Sears, which filed for bankruptcy in 2018, only has a handful of stores that remain open in the country asnew closuresare beingconsistently reported.
source: people.com
