Struggling fabric and crafts retailer Joann plans to shut about 500 stores—over half of its U.S. locations—amid ongoing financial challenges.
The Hudson, Ohio-based company, which filed for Chapter 11 bankruptcy in January for the second time in a year, cited weak consumer demand and inventory shortages as key issues. Joann previously filed for bankruptcy in March 2024 before emerging as a private company, but operational struggles persisted.
In a filing Wednesday, Joann said closing underperforming stores is essential as it looks to sell the business. Despite the difficult decision, the company emphasized that streamlining its store footprint is crucial for long-term stability.
*Article courtesy of The Inquirer
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