- Joann said it has reached a deal to sell its assets and wind down operations.
- Earlier this month, the company planned to close around 500 stores.
- The fabric and crafts chain experienced two rounds of Chapter 11 bankruptcy in less than a year.
Joann has reached the end of its thread.
The fabric and crafts chain said Sunday that it has reached a deal to sell its assets and wind down operations, including closing around 300 remaining stores.
“We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years,” the company said in a statement.
Earlier this month, the company planned to close around 500 stores as it navigated its second round of Chapter 11 bankruptcy in less than a year.
Eight in 10 Joann shoppers surveyed earlier this month by Numerator said they were upset about the news that some of the chain’s stores were closing.
Numerator said that three-quarters of those said they were most likely to shop at Michael’s or Hobby Lobby as an alternative, about half said they’d shop online, and nearly 40% said they’d go to large stores like Walmart or Target.
The news follows a rough start to the year for retailers, including Party City and Big Lots, which said they are closing 700 and 480 stores, respectively. A Business Insider tally finds more than 2,500 locations are set to close this year so far.
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