Joann is set to sell its assets and cease operations after experiencing two rounds of Chapter 11 bankruptcy within a year. This announcement coincides with the closure of around 300 remaining stores, less than the earlier planned 500. The company thanked its loyal employees and customers for their long-standing support. Recent surveys show that a significant portion of Joann's customer base is unhappy about the closures, with many considering shopping at competitors like Michael's and Hobby Lobby, following a troubling trend for retailers in the current economic landscape.
"We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years," the company said in a statement.
Earlier this month, the company planned to close around 500 stores as it navigated its second round of Chapter 11 bankruptcy in less than a year.
According to Numerator, eight in ten Joann shoppers surveyed expressed their disappointment regarding the closure of certain stores.
As per the survey, three-quarters of respondents indicated they would likely turn to retailers like Michael's or Hobby Lobby instead.
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