Joann, the fabrics outlet that was a mainstay of the crafting community for eight decades, is closing all of its approximately 800 store locations after failing to find a buyer for the company.
The Hudson, Ohio-based retailer revealed in a statement that it was reluctantly moving forward with plans for nationwide going-out-of-business sales in an agreement with a group that secured its assets at auction.
“Joann leadership, our board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,” the statement posted on Joann’s “restructuring” website said. “We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders.
“We deeply appreciate our dedicated team members, our customers and communities across the nation for their unwavering support for more than 80 years,” the statement added.
Joann’s update comes nearly a year after the company, which has been in business since 1943, announced in March 2024 that it was filing for Chapter 11 bankruptcy protection amid a reorganizing of finances.
Joann said in a press release at the time that it had secured approximately $132 million in “new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.”
The company, which at one point was the largest fabrics retailer in the U.S., added that it expected to emerge from the bankruptcy process as early as April 2024 when it would become a private company “owned by certain of its lenders and industry parties.”
“There is no other retailer with the same ability to serve sewists, quilters, crocheters, crafters and other creative enthusiasts as we have for the past 80 years, and we take great pride in seeing the passion and engagement of our millions of customers and our Team Members,” Chris DiTullio, chief customer officer and co-lead of the interim office of the CEO, said at the time.
The company filed for a second Chapter 11 bankruptcy protection filing in January 2025.
A new “restructuring” website for Joann includes a customer FAQ section with details about the company’s upcoming going-out-of-business sales, which it said would begin “immediately.”