Overview

• Joann Fabrics plans to close approximately 500 of its 800 stores across 49 states after filing for Chapter 11 bankruptcy for the second time in less than a year.
• The closures aim to reduce costs and focus on more profitable locations as the company seeks a buyer or alternative bids during a court-supervised auction process.
• States with the highest number of closures include California, Florida, Michigan, New York, Pennsylvania, Indiana, and Washington, with a complete list available on the company's restructuring website.
• The company cited ongoing financial struggles, inventory challenges, and a sluggish retail economy as key factors contributing to its decision to downsize.
• Going-out-of-business sales at affected locations are expected to begin shortly, with additional closures possible as the bankruptcy process continues.