In a significant move impacting the retail landscape, Joann Fabric and Craft Stores, a well-known fabric and craft supply chain, has announced plans to shutter 800 of its locations as part of a bankruptcy filing. According to reports from NBC News, The New York Times, and Axios, the closures will affect a substantial portion of Joann’s physical stores, limiting the accessibility of fabric and crafting supplies for customers who rely on in-person shopping experiences. Joann, which has been a staple for hobbyists and crafters, has faced increasing financial strains exacerbated by a shift towards online shopping and supply chain disruptions prompted by the COVID-19 pandemic. ‘Our decision to close stores is part of a broader strategy to stabilize our operations and ensure the long-term success of our business,’ said Joann CEO, who indicated that the closures are necessary to focus resources on the most profitable locations. This restructuring plan will allow the company to leverage its stronger stores while reducing overhead costs. The 800 locations targeted for closure represent a significant percentage of Joann’s total stores, as the company seeks to revitalize its business model and better serve its customers through enhanced online offerings and a reimagined shopping experience. Current employees are expected to be supported through this transition, with options available for those who wish to remain with the company during the restructuring phase.
Joann Fabric Stores to Close 800 Locations Amid Bankruptcy and Restructuring Plans
