Joann set to shut down all Remaining stores by the end of May after more than 80 years in business
Joann is permanently closing all stores by May 31 after over 80 years as a craft retailer.
After more than 80 years as a beloved destination for crafters, quilters, and DIY enthusiasts, Joann is closing its doors for good. The fabric and craft retailer has announced that all remaining stores will permanently cease operations by May 31, marking the end of an era for a company that has been a cornerstone of the creative community for generations.
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Joanns to close all of the remaining stores by the end of May
Following its second Chapter 11 bankruptcy filing in less than a year, Joann closed 255 stores in April and began going-out-of-business sales at remaining locations. With discounts of 70% to 90%, the sales also included store fixtures and equipment. Now, the final 440+ stores are set to close by May 31, according to GA Group, the retail liquidator that acquired Joann’s assets in a February auction.
Following the bankruptcy and auction of its assets, on February 22, retail liquidator GA Group and Joann's term lenders were the winners of the company’s bidding. An announcement was later made that all Joann stores will shut down in the days to come, while in the initial announcement, it was mentioned that “approximately 500” of its more than 800 locations in the US will close.
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Other retail chains shutting down
The retail landscape continues to shift dramatically, with several major chains announcing widespread closures. Macy’s recently announced a sweeping plan to close 150 stores over the next three years, as part of a strategy to focus on its more profitable locations and invest in its digital presence. Kohl’s has also joined the wave of closures, having shut down several underperforming stores in April.
Meanwhile, JCPenney is preparing to close seven of its stores over the Memorial Day weekend, signaling ongoing challenges for the once-dominant department store, as reported by The US Sun.
The trend extends beyond traditional retail. In the pharmacy sector, Walgreens is in the midst of a major consolidation effort, planning to close 1,200 stores over three years. CVS is following a similar path, with a plan to shutter 900 locations as it reevaluates its physical footprint in favor of digital and health services.
