Feb. 17, 2025
A bankruptcy judge last week approved Joann Inc.’s plan to begin closing 500 of its 800 stores, including one in Brookings.
The 500 stores were deemed as “underperforming” by the crafts and fabric retailer and its advisers, according to court filings. The goal of the Ohio-based company, which filed for Chapter 11 bankruptcy Jan. 15 in Delaware, is to make the business more appealing to a new owner.
“Right-sizing the store footprint is a critical part of the efforts to ensure the best path forward for Joann,” the company said.
Joann is seeking bids by Tuesday for an auction that would occur Feb. 21 if there are multiple bids. Liquidator Golden Brothers Retail Partners is serving as the “stalking horse”…
