Joann announces closure of all stores amid bankruptcy sales

In early March 2025, Joann, the crafts retailer, began offering significant discounts as part of a 'going out of business' sale ahead of its planned store closures. This event followed the company filing for Chapter 11 bankruptcy in January, which put into motion a series of events leading to their eventual liquidation. Joann, with approximately 800 stores across the United States at the time of the bankruptcy filing, had already seen a couple of hundred locations close since the filing. As part of this process, GA Group and its prepetition term loan agent acquired substantially all of Joann's assets in February, signaling a vital transition in ownership that led to a determined wind-down of operations. According to their restructuring website, Joann ceased online sales in early March and required customers to shop in physical stores only. The remaining locations planned to continue their liquidation sales until the end of May or until supplies were exhausted. This marks the culmination of Joann's decades-long presence in the crafting industry since its inception in 1943. The closures have elicited disappointment from loyal customers, particularly due to policy changes that halted the acceptance of gift cards and other promotions during the final sales. The closing of Joann's stores will signify the end of an eight-decade-long era for the company in the crafts market, which has seen various challenges over recent years, including past bankruptcies and changing consumer behaviors.