Joann, the 80-year-old fabrics and crafts retailer, announced it will close all its stores following financial difficulties and a second Chapter 11 bankruptcy filing within a year. The company’s assets were auctioned off on Friday, with GA Group acquiring most of Joann’s assets. GA Group plans to wind down operations and conduct going-out-of-business sales at all locations, pending court approval. Joann’s leadership stated they made every effort to avoid this outcome. Based in Hudson, Ohio, Joann has been a staple for crafters, offering a wide range of products including yarns, fabrics, sewing machines, and seasonal items. In March 2024, Joann filed for bankruptcy to reduce debt and transitioned back to private ownership, citing a challenging retail environment. Despite these efforts, the company continued to struggle, leading to the decision to close more than half of its 800 stores earlier in February. Joann attributed the closures to significant retail challenges and financial constraints. The timeline for closures remains unclear, but going-out-of-business sales will begin immediately. Joann has stopped purchasing non-essential goods and services as part of the wind-down process. Many customers, like Stacey Brumfield from Alexandria, La., expressed sadness over the closures, noting Joann was the only nearby store with specific crafting supplies. — news from The New York Times
