[Update as of Feb. 24, 2025] Joann will close all its 800+ stores across the country and wind down its operations, subject to approval by the U.S. Bankruptcy Court for the District of Delaware. GA Group will purchase “substantially all” of the crafts retailer’s assets, according to a company statement.
“Joann leadership, our board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,” the statement continued. “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. We deeply appreciate our dedicated team members, our customers and communities across the nation for their unwavering support for more than 80 years.”
Original story from Feb. 13, 2025 begins-
Crafts retailer Joann has filed a motion seeking authority to begin closing approximately 500 of its 831 stores — approximately 60% of its brick-and-mortar fleet. Last month, Joann filed for its second bankruptcy in less than a year and was reported to be seeking a buyer.
“This was a very difficult decision to make, given the major impact we know it will have on our team members, our customers and all of the communities we serve,” said a Joann spokesperson in a statement. “A careful analysis of store performance and future strategic fit for the company determined which stores should remain operating as usual at this time. Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for Joann.”
After its March 2024 bankruptcy, Joann elected to keep its full roster of stores open, which appears to have been a strategic error. In January 2025, the retailer blamed “acute and unexpected” inventory issues, saying in court documents that it faced an “unexpected ramp-down, and, in some cases, the entire cessation of production” of important items that shoppers specifically visit its stores to purchase. This situation harmed sales and put the retailer’s $625 million of debt in an “untenable position,” according to court documents quoted by CNN.
The store closure list and other information related to the bankruptcy is available here.
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