Joann Fabrics, a well-known fabric and craft retailer, shocked customers and employees alike when it announced the closure of all its 800+ locations. The decision came after a new ownership group led by the retail liquidator GA Group won the bid for the bankrupt company.
The company’s leadership expressed regret over the closure, stating that every effort was made to keep the business running. However, with the sale of assets and the winning bid, the process of winding down operations began. The closure will impact around 19,000 employees, with plans for a multimillion-dollar retention plan to support them during the transition.
The closure process will involve going-out-of-business sales at all locations, including the originally planned 500 stores. Gift cards will no longer be accepted, and the final approval of the action results is anticipated in late February. Joann’s downfall has been a gradual one, with the company first filing for bankruptcy in 2024 and facing subsequent challenges despite attempts to restructure.
This latest development in Joann Fabrics’ journey showcases the complexities and difficulties of the retail industry. Stay tuned for more updates on the closure process and its impacts.
Attribution:
This article was summarized and republished from the original source.
Please check the original article here: https://www.sj-r.com/story/business/2025/02/24/joann-fabrics-closing-all-remaining-illinois-locations/80071574007/.