Joann, a major retailer of fabrics and crafts, said in a bankruptcy filing on Wednesday that it intends to close 500 locations and begin going-out-of-business sales.
The retailer currently has 800 locations. When it initially filed for bankruptcy in 2024, it said it did not intend to close any locations. The company said at the time that it would also preserve the jobs of its 18,000 associates through bankruptcy.
In March 2024, Joann announced that it would file for Chapter 11 and obtain approximately $132 million in new financing. The retailer hoped to reduce its debt by $505 million during bankruptcy.
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The company then filed for bankruptcy again in January, this…
