Joann Fabric and Craft Stores, a popular retailer known for its vast selection of fabrics and craft supplies, has confirmed it will close a number of its locations across the United States. This decision comes in the wake of ongoing financial difficulties, exacerbated by liquidity constraints that have troubled the company since its Chapter 11 bankruptcy filing last year. Specifically, Joann is liquidating its inventory and shutting down operations at underperforming stores as part of a larger strategy to stabilize its financial health. ‘Making the tough decision to close stores is never easy, especially when considering our hardworking store teams and the loyal customers we serve,’ said Joann President and CEO, Wade Miquelon. The company’s restructuring efforts are aimed at returning to profitability while reinforcing its commitment to providing a wide range of crafting products. Customers can expect significant discounts during the liquidation sales, with promotions starting at up to 50% off on select items. As of late October 2023, additional areas for potential closures are being evaluated based on market performance. This strategic move signals a broader trend in the retail sector where companies are reassessing their physical footprints amid rising operational costs and shifting consumer behaviors towards online shopping. Joann’s financial struggles highlight the complexities faced by traditional brick-and-mortar retailers in adapting to the rapidly changing retail environment.
Joann Fabric and Craft Stores Announce Store Closures Amid Financial Struggles
