Joann to shutter all 800 fabric stores after failing to find a buyer to save its locations
Fabrics outlet Joann will shutter all of its approximately 800 locations after failing to find a buyer who would keep its stores open.
In a statement, the company said it would commence nationwide going-out-of-business sales as a stipulation of the group that won its assets at auction.
"JOANN leadership, our Board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business," the company said. "We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”
Joann was founded as the Cleveland Fabric Shop by German immigrants during World War II. At one point, it was the largest fabrics retailer in the U.S.
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