Joann Fabrics to Close 500 Stores Nationwide

Joann Fabrics, a leading retailer in the fabrics and crafts industry, is closing approximately 500 out of its 800 stores nationwide following its second bankruptcy filing within a year. The closures, affecting all 50 states, stem from significant financial challenges, including severe inventory issues and a constrained retail environment. The company aims to 'right-size' its store footprint to pave a sustainable path forward, impacting numerous communities and employees. Notably, states like Michigan, New York, and California will see a substantial number of closures. Joann previously attempted to stabilize operations with $132 million in financing but could not overcome the ongoing economic pressures. This strategic move aligns with other major retail closures, highlighting a broader trend in the retail sector.