Joann has announced the closure of all 800 stores across 49 states, ending its 80-year legacy amid significant financial challenges, including mounting debt of $1 billion to $10 billion. The company's attempts to restructure and find a buyer failed after it first filed for bankruptcy in March 2024 and initially planned to keep about 300 stores open. Now, GA Group has secured the assets and will oversee the shutdown, with going-out-of-business sales commencing immediately. The timeline for store closures remains uncertain, and employees, many of whom are part-time, are affected by this decision.
"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 statement read.
"Joann is the reason I was able to have a small part of my life be that of a designer/maker," a user lamented on social media.
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