After 80 years, fabrics and craft retailer Joann is shutting down, closing all 800 stores across the US.
The company, which filed for Chapter 11 bankruptcy in January 2025, initially planned to close 500 locations but has now opted for full liquidation.
Joann has faced mounting retail challenges, including increased competition, financial struggles, and inventory issues, ultimately leading to its closure.
Joann previously re-emerged from Chapter 11 bankruptcy in March 2024 as a private company.
Going-out-of-business inventory sales have commenced across the stores and are expected to last for the coming weeks.
A company spokesperson said in a statement to USA Today: “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.
“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.”
Moving forward, Joann shared that all of its assets have been acquired by GA Group.
The statement on Joann’s website states: “Following a comprehensive sale process and auction, GA Group, together with the Prepetition Term Loan Agent, was selected as having the winning bid to acquire substantially all of Joann’s assets.
“Subject to court approval of the transaction, the winning bidders plan to wind down ongoing operations and conduct going-out-of-business sales at all Joann locations.”
Joann was founded in 1943 and became a major retail supplier for fabrics and crafts, with 800 stores operating across the US.
Further details on the closure dates are yet to be announced.
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