Fabrics outlet Joann will shutter all of its approximately 800 locations after failing to find a buyer who would keep its stores open.
In a statement, the company said it would commence nationwide going-out-of-business sales as a stipulation of the group that won its assets at auction.
"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 company said. "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.”
Joann was founded as the Cleveland Fabric Shop by German immigrants during World War II. At one point, it was the largest fabrics retailer in the U.S.
The company went public in 2010, but was de-listed within a year. It experienced a brief revival thanks to the stay-at-home crafts boom during the pandemic. Joann went public again in 2021, but by 2023 its sales had tanked, and it filed for an initial bankruptcy proceeding in 2024.
Joann listed some 19,000 employees, most of them part-time, when it filed for its second Chapter 11 bankruptcy protection filing in January.
The company posted an extensive FAQ on its website with details about the going-out-of-business sales, which are set to commence immediately.
