The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Joann to shutter all 800 fabric stores after failing to find a buyer to save its locations

by admin February 26, 2025
February 26, 2025
Joann to shutter all 800 fabric stores after failing to find a buyer to save its locations

Fabrics outlet Joann will shutter all of its approximately 800 locations after failing to find a buyer who would keep its stores open.

In a statement, the company said it would commence nationwide going-out-of-business sales as a stipulation of the group that won 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 company 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.”

Joann was founded as the Cleveland Fabric Shop by German immigrants during World War II. At one point, it was the largest fabrics retailer in the U.S.

The company went public in 2010, but was de-listed within a year. It experienced a brief revival thanks to the stay-at-home crafts boom during the pandemic. Joann went public again in 2021, but by 2023 its sales had tanked, and it filed for an initial bankruptcy proceeding in 2024.

Joann listed some 19,000 employees, most of them part-time, when it filed for its second Chapter 11 bankruptcy protection filing in January.

The company posted an extensive FAQ on its website with details about the going-out-of-business sales, which are set to commence immediately.


This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Denny’s says some locations will start charging extra for eggs amid nationwide shortage
next post
JPMorgan Chase CEO Jamie Dimon says DOGE ‘needs to be done’ to fix government inefficiency

Related Posts

As inflation cools, Social Security could pay out...

July 13, 2024

Pixar is laying off 14% of its workforce...

May 23, 2024

Former Ozy Media head sentenced to nearly 10...

December 17, 2024

FCC greenlights Paramount’s $8 billion merger with entertainment...

July 26, 2025

Nearly all of the homes listed for sale...

December 22, 2023

5 new Uber features you should know —...

May 15, 2025

White House freeze on federal aid won’t affect...

January 30, 2025

Elon Musk and investors offering $97.4 billion for...

February 12, 2025

Darden Restaurants sales disappoint as Olive Garden, LongHorn...

March 21, 2025

Nestle to launch frozen pizzas, other foods targeting...

May 23, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,550)
    • Investing (4,201)
    • Politics (5,579)
    • World (4,762)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved