Joann Announces Widespread Store Closures Across the US
Introduction
Crafters and DIY enthusiasts across the United States are facing a potential shortage of supplies as retail giant Joann Fabrics and Crafts prepares to close a substantial portion of its brick-and-mortar locations.
Bankruptcy and Restructuring
This news comes after Joann filed for bankruptcy a second time in January, just under a year after its initial filing. The company emerged from private ownership in March 2024, but the economic downturn and changing retail landscape have taken their toll.
Store Closures
According to a statement released by Joann, the company plans to close "approximately 500" of its roughly 850 locations across the country. This decision was made after a careful evaluation of store performance and strategic fit.
Impacted States
The closures will affect stores in 49 states, with Hawaii being the only exception. The states with the most significant number of closures include:
- California: 61
- Florida: 36
- Michigan: 33
- Ohio: 33
- Pennsylvania: 33
- Illinois: 26
- New York: 24
- Washington: 21
- Indiana: 20
Community Impact
The closures will have a major impact on both staff and customers. Joann expressed its regret for the decision’s effect on team members, customers, and the communities it serves.
Restructuring Goals
Joann’s statement indicated that the store closures are part of a larger plan to "right-size its store footprint" and improve its financial performance.
Store Closures Timeline
Joann did not release an official list of store closures to the public, but did submit a list to the court as part of its Chapter 11 bankruptcy filing. The court documents identify 533 stores across 49 states that are slated to close.
Business Challenges
The retail industry has faced significant challenges in recent years, with the rise of e-commerce and changing consumer habits. Joann has also struggled with its operating costs and debt burden.
Future of Joann
Despite the closures, Joann remains committed to serving crafters and DIYers. The company plans to focus on its online presence and explore new ways to reach customers.
Conclusion
The impending closures of over 500 Joann stores will significantly impact the crafting community and the retail landscape. However, Joann’s plans to restructure its operations suggest that it is determined to adapt to the changing times and continue to meet the needs of its loyal customers.
