Joann, a crafts retailer, is closing more than 500 of its stores in the U.S., driven by a second Chapter 11 bankruptcy filing. The closures are attributed to weak consumer demand and inventory challenges. As part of the restructuring to sell the business, Joann identified around 530 underperforming stores to shut down, impacting locations in Southern California and other states. This decision, while difficult, is crucial for the company’s future, which currently operates approximately 800 stores and aims to streamline its operations amidst financial struggles.
It's now looking to sell the business for an undisclosed price, according to the Register. And closing underperforming locations is needed to complete that process.
Joann has around 800 stores in 49 states. The initial list of the roughly 530 stores to close includes 61 in California, plus outposts in Arizona, Colorado, Florida, Georgia, Illinois, Michigan, New York, Pennsylvania and Texas.
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