(LOOTPRESS) – Joann, the well-known fabric and crafts retailer, is officially going out of business, with plans to close all store locations nationwide after filing for Chapter 11 bankruptcy protection for the second time.
Failed Sale Leads to Full Closure
Earlier this month, Joann announced it would close 500 stores while keeping 300 locations open, but after failing to find a buyer to keep operations running, the company confirmed that all stores will now shut down.
“We made every possible effort to pursue a more favorable outcome that would keep the company in business,” a Joann spokesperson said in a statement.
Going-Out-of-Business Sales Underway
Joann’s assets have been acquired by financial services company GA Group and its lenders. As a result, going-out-of-business sales have begun at all remaining locations and online.
- Store closure dates will be announced on Joann’s website and app.
- Gift cards will be honored until February 28.
- Discounts are already applied to fabric, yarn, sewing supplies, home décor, and more.
Retail Challenges and Bankruptcy History
Joann previously filed for Chapter 11 protection in March 2024, briefly restructured, and then declared bankruptcy again in January 2025. The company, like many brick-and-mortar retailers, struggled to compete with online competitors and declining sales.
Despite the challenges, Joann expressed gratitude to its employees and loyal customers, stating, “We deeply appreciate our dedicated team members, our customers, and the communities that have supported us for more than 80 years.”
