I guess no one is going to the fabric store anymore for all their sewing, crocheting, and other craft needs.
Joann, an iconic big box craft store, is bankrupt and will now be closing over half their stores nationwide.
The company filed a motion in court on Wednesday seeking approval to begin closing approximately 500 locations.
In a statement to ABC News, the company's spokesperson said the move is 'part of the ongoing Chapter 11 process and our efforts to maximize the value of the business.'
They've crunched the numbers and have decided which stores to close based on profitability and cost. They simply cannot afford to keep most of the stores open when, let's face it, fewer people are using their products.
Despite the bankruptcy proceedings, the company said at the time that Joann stores and its website remained open, serving customers as usual, and employees were still receiving their pay and benefits.
Joann is part of a growing trend of retailers closing stores as consumers reduce spending. With other brands like Kohl's and Macy's also scaling back, more than 15,000 store closures across all businesses are expected in 2025, double the number from last year, according to Coresight Research.
The legacy of Bidenomics continues!
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