Craft retailer Joann to close 21 Washington stores amid bankruptcy

Joann, the craft retailer, is closing 21 stores in Washington state as part of a significant restructuring effort following its recent Chapter 11 bankruptcy filing. This move represents a substantial reduction, with nearly a third of its 850 locations across the country slated for closure. The decision was made after a careful analysis of store performance and strategic alignment, with the company acknowledging the profound impact on its employees and local communities. Going-out-of-business sales are anticipated to begin soon, potentially lasting several months. Joann has a long history, having been founded in 1943 and sold to a private equity firm in 2010 for $1.

6 billion. After going public in 2021, the company faced financial difficulties, leading to its first bankruptcy filing in March 2024. Gordon Brothers Retail Partners is currently acting as a stalking horse bidder for Joann, which is actively searching for a buyer to navigate its challenges. The closures will significantly reshape the retail landscape in Washington, particularly in the Puget Sound area, where only a few locations will remain operational.