Joann plans to close 500 stores nationwide amid bankruptcy

Joann, a major craft retailer, is set to close over half of its stores, approximately 500 out of 850 locations across the U.S., following its second bankruptcy filing in less than a year. The closures will impact stores in 49 states, including multiple locations in Kansas City, Charlotte, and Pennsylvania, as well as several stores in California and Massachusetts. The company is undergoing a strategy to 'right-size its footprint' and has indicated that the decision was difficult due to its impact on employees and communities. Going-out-of-business sales are expected to begin at affected stores, although specific closing dates have not been announced. Joann's bankruptcy filing revealed debts exceeding $2.44 billion, leading to an analysis of store performance to determine which locations would remain open. The firm is also exploring potential sale options as part of its restructuring efforts.