Joann: A Fabric Empire Faces Closure
Introduction
Joann, the renowned fabrics and crafts retailer with an 82-year legacy, has embarked on a difficult journey. The company has filed for bankruptcy and announced the closure of hundreds of its stores, triggering going-out-of-business sales at affected locations.
Financial Woes and Restructuring
This marks the second bankruptcy filing for Joann in less than a year, highlighting the financial challenges faced by the company. On Friday, the court approved Joann’s restructuring plan, paving the way for clearance sales at stores slated for closure.
Store Closures and Sales
Approximately 500 of Joann’s 850 locations across the United States will close their doors. Going-out-of-business sales commenced on Saturday, February 15, and are expected to continue for several months. These sales will exclusively feature inventory available at the closing stores.
Discounts and Limitations
While specific discount information is not available online, USA TODAY has verified sales at locations in several states. Base discounts range from 10-20%, with Christmas items enjoying discounts as high as 75%.
Important Notes
It is crucial to note that gift cards are not being accepted at this time. Additionally, discounts for Girl Scouts, teachers, military personnel, and healthcare workers are suspended. Returns are also not accepted at closing stores.
Unaffected Stores and Joann.com
Joann emphasizes that the remaining stores and Joann.com are not impacted by this closure and will continue to operate as usual.
USA TODAY Coverage
USA TODAY has been diligently following the developments surrounding Joann’s situation. For the latest updates, head to their website at https://www.usatoday.com/story/money/2023/02/22/joann-stores-closing-going-out-business-sale/11327063002/.
Conclusion
Joann’s financial struggles and store closures mark a somber chapter in the history of the fabrics and crafts retail industry. The going-out-of-business sales provide an opportunity for customers to acquire items at significant discounts, while also serving as a reminder of the challenges faced by physical retail businesses in the digital age.
