Cleveland-based retailer moves forward with massive downsizing after bankruptcy proceedings.<\/p>\n\n\n\n
Earlier this year, an iconic crafts chain announced major changes to its nationwide presence. With over 440 stores set to shut down by the end of May, many devoted fans are wondering what led Joann to such a drastic move.<\/p>\n\n\n\n
In the initial phase of closures, more than 250 stores were shuttered in April. Now, the fabric and crafts retailer, which opened its first storefront in 1943 under the name Jo-Ann Fabric and Craft Stores, plans to close the remainder of its 800 locations throughout May. Formerly known as Jo-Ann, the chain rebranded as \u201cJoann\u201d for its 75th anniversary in an effort to modernize its image.<\/p>\n\n\n\n
For the second time in just one year, Joann filed for Chapter 11 bankruptcy protection. According to the company, escalating operational costs and stagnant sales contributed significantly to this tough decision. Have you ever wondered how a business that once thrived could face such a dramatic turn? Joann\u2019s leadership had hoped to keep its stores open, but the winning bid by retail liquidator GA Group in February sealed the fate of many locations.<\/p>\n\n\n\n
Still, the company assures shoppers and staff that it aims to minimize the disruption. \u201cWe deeply appreciate our dedicated Team Members, our customers and communities for their unwavering support,\u201d a Joann representative stated.<\/p>\n\n\n\n
\u201cThis was a very difficult decision to make,\u201d Joann officials said, emphasizing the major impact on employees and local communities. Nevertheless, the leadership team called it a necessary move to streamline operations. Prices at closing stores have reportedly been marked down by as much as 70% to 90%, giving bargain hunters a chance to stock up on fabric, craft tools, and even store fixtures.<\/p>\n\n\n\n
Below is a concise overview of the announced schedule:<\/p>\n\n\n\n