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Joann Inc., who has supplied cunning Americans with artistic stocks and fabrics for decades, recently announced that she plans to close all her American stores, just one month after submitting the application Chapter 11 of bankruptcy protection.
In a statement that Reuters received on Sunday, the 82-year-old company announced its plans for sale all the assets of the buyer group. The Joann executives originally hoped that the buyer would continue their job, but the highest bidder was scheduled to start sales out of business at all locations.
Since January, Joann has had over 800 US retail locations, although hundreds of are closed last month. Recently last month, the company also had $ 538.3 million in stock and employed 19,000 people in all US countries except Hawaii.
But the company also reported about $ 615.7 million in debt when it filed for bankruptcy chapters 11, including more than $ 133 million owed to suppliers. The monthly cost of running their hundreds of locations was only $ 26 million a month rent.
The main crafts for bankruptcy
Customers on Wednesday, September 19, 2018, enter the location of Joann Store LLC in Peoria, Illinois, USA. (Daniel Acker / Bloomberg via Getty Images / Getty Images)
Court documents also show that Joann recently faced problems with his suppliers, who eliminated certain products to which the chain relied. At the same time, the delivery of yarns and sewing items became unpredictable, threatening Joanna’s reputation as overall trade for direct fans.
In January, the company began to close about 500 of its locations. The company spokesman told Fox Business that the closing step towards maximizing the value and longevity of his business.
Lease for nearly 700 locations in a auctioned entertainment city
The basket trolley is sitting on the front window of the Jo-Ann Store LLC location in Moline, Illinois, USA, on Wednesday, September 19, 2018. (Daniel Acker / Bloomberg via Getty Images / Getty Images)
“Careful analysis of trade performance and future strategic fit into the company has determined which stores should stay at the moment as usual,” the representative explained. “The right size of our trade print is a crucial part of our efforts to ensure the best path forward for Joann.”
Joanna’s recent announcement comes after a difficult year for the company. In March 2024, he filed for Chapter 11 for the first time in his history, although he avoided closed any of his 800 locations at the time.
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The buyer enters the Joann store in El Cerrito, California, USA, on Wednesday, January 8, 2025. (David Paul Morris / Bloomberg / Getty Images)
Joann gift card customers are allowed to use them until February 28. The closure of the remaining Joann stores will be abolished in the next few weeks to reduce disorders of suppliers, customers and employees.
Reuters and Fox Business’ Danielle Genoverse contributed to this report.
