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Fabric and craft retailer Joann to go out of business and close all of its stores

By ANNE D'INNOCENZIO - Feb 24, 2025, 04:35 PM ET
Last Updated - Feb 25, 2025, 04:44 AM EST
Joann-Store Closures
FILE - A logo sign outside of a Joann retail store is seen in Arlington Heights, Ill., Wednesday, Jan. 15, 2025. (AP Photo/Nam Y. Huh, File0

Fabric and crafts retailer Joann Inc., which has been a destination for generations of quilters, knitters and other lovers of crafts for more than 80 years, is going out of business and shuttering all its stores

NEW YORK (AP) — Fabric and crafts retailer Joann Inc., which has been a destination for generations of quilters, knitters and lovers of crafts projects for more than 80 years, is going out of business and shuttering all its stores.

The announcement comes after the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection in January, the second time in a year. It cited sluggish consumer demand and inventory shortages. At the time it vowed it would keep all of its stores open.

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But earlier this month, Joann said it planned to close 500 stores — or more than half of its nationwide footprint. The company said on Sunday that after a recent auction, financial services company GA Group, together with Joann’s term lenders, were selected as the winning bidder to “acquire substantially all of Joann's assets” and would begin winding down the company’s operations and conduct going-out-of-business sales at all store locations.

The company said in a question-and-answer section on its website devoted to its restructuring that the stores, Joann.com and the mobile app will remain open and operate as it conducts going-out-of- business sales.

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