Joann, a fabric and crafts retailer, announced plans to close about 500 of its 800 U.S. stores following its second Chapter 11 bankruptcy within a year. This decision stems from persistent issues such as weak consumer demand and inventory shortages. The closures will affect locations across 45 states, and the process requires court approval. Joann, based in Hudson, Ohio, aims to address operational challenges to facilitate a potential sale of the business, hoping these reductions will stabilize its financial situation in an increasingly competitive market.
Joann plans to close over 500 stores, more than half of its locations, after filing for Chapter 11 bankruptcy for the second time due to ongoing operational challenges.
The closures come amid stagnant consumer demand and inventory issues that have plagued Joann, forcing the company to reevaluate its business strategy.
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