The end of an arts and crafts era is approaching as JOANN Fabric announces store closings throughout the U.S.
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According to USA Today, more than 800 JOANN Fabric stores are now conducting going-out-of-business sales as they prepare to close for good.
The store closings occurred after JOANN Fabrics filed for Chapter 11 bankruptcy twice within the past year to pay off its debts. In addition to its financial woes, it struggled with inventory issues.
The Hudson, Ohio-based company’s remaining assets were put up for auction and were sold in late February following the second bankruptcy filing.
Tim Shilling, president of financial firm GA Group, issued a statement about the store closures.
“JOANN has been a beloved destination for makers and craft enthusiasts for more than 80 years,” Shilling explained. “As we begin this store closing process, our priority is to ensure an orderly wind-down of the retailer’s operations while providing customers with exceptional savings on their favorite crafting and home décor products. This sale is a great opportunity for shoppers to take advantage of these deep discounts before stores close.”
All JOANN Fabric Stores Are Closing This Spring
The company further confirmed that all its stores will close this spring. Each location will have a going-out-of-business sale.
Scott Carpenter, CEO of GA Group’s Retail Solutions and Wholesale & Industrial Solutions teams, confirmed that the stores will remain open until the end of May.
Customers can still shop JOANN Fabric products in-store, online, and through the company’s mobile app. All three commerce platforms will remain open and in operation while the company continues its going-out-of-business sales.
Along with products, the company is also selling its stores’ furniture, fixtures, and equipment.