Joann Inc, a fabric and crafts retailer, is planning significant store closures as part of its Chapter 11 bankruptcy restructuring. Initially committed to maintaining its 800 stores, Joann has now identified numerous underperforming locations for closure to streamline operations and reduce expenses. The court filing reveals hundreds of store closures primarily affecting states like California, Florida, Illinois, and Michigan, with immediate store closing sales anticipated. Joann's spokesperson emphasized the difficult nature of this decision, taking into account the negative impact on employees, customers, and communities while aligning with business strategy for future viability.
As part of the ongoing Chapter 11 process and our efforts to maximize the value of the business, JOANN has filed a motion seeking court authority to begin closing approximately 500 stores across the nation.
As the sale process progressed, and prospective bidders continued to conduct diligence and refine their potential bids, the Debtors and their advisors were able to identify a subset of underperforming stores that are unlikely to be considered or included in any going concern bid.
Collection
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