List of All Joann Stores Under Chapter 11 Bankruptcy to be Closed This Month
Joann Fabrics Announces Permanent Store Closures
After more than eight decades in business, Joann Fabrics, a popular fabric and craft retailer, is closing all its remaining stores nationwide by the end of May 2021. This marks the end of an era for the company that has been a mainstay in the crafting community for generations.
The bankruptcy filing, Joann's second within a year, is attributed to a multitude of factors. These include ongoing supply chain disruptions, a shift in consumer habits post-pandemic, increased competition from online retailers, and economic uncertainty for retailers overall.
The company began closing stores in April in states like Michigan and Maine, with the remainder expected to follow the same pattern. During this period, Joann stores are holding going-out-of-business sales, offering steep discounts of up to 90% off on craft and fabric items, furniture, and other equipment. Online sales, however, have already ended.
The move will leave a vacuum for the crafting community, particularly in areas with strong fiber arts traditions. Local shops and online retailers are making efforts to fill the gap left by Joann's closure.
Other retailers, such as Burlington, Hobby Lobby, and Boot Barn, are reportedly considering taking over vacant Joann store locations. The bankruptcy court has scheduled a hearing for July 2021 to consider confirmation of Joann's restructuring plan.
Joann's closure is representative of the broader struggles in the retail sector globally, as brick-and-mortar stores face mounting pressures on margins and adapt to changing consumer behaviors. This move, while painful for many, could pave the way for new retail experiences to emerge.
- The ongoing struggles in the retail sector globally, as reflected in Joann Fabrics' store closures, may impact various industries such as finance and business.
- As Joann Fabrics closes its stores, the crafting community in India, known for its vibrant fiber arts industry, is likely to feel the impact.
- The restructuring plan for Joann Fabrics, which includes the potential takeover of vacant store locations by retailers like Burlington, Hobby Lobby, and Boot Barn, underscores the dynamic nature of business and politics.
- The pandemic-induced shift in consumer habits towards online shopping has been detrimental to many brick-and-mortar retailers, including Joann Fabrics, highlighting the importance of adaptability and innovation in the business world.
