### Bankrupt Fabrics Retailer Joann to Close 500 of Its 800 Stores
Fabrics and crafts retailer Joann is set to close 500 of its 800 stores in the coming months as it navigates its second Chapter 11 bankruptcy, according to published reports. CNN reported that the closures will impact all 50 states, with significant effects in California, Florida, Indiana, Michigan, New York, Pennsylvania, and Washington.
In its recent bankruptcy filing, Joann cited severe and unexpected inventory challenges. Court documents revealed that the company faced an abrupt reduction and, in some cases, a complete halt in the production of certain essential products.
Additionally, Joann disclosed that it is actively seeking a buyer. Newly filed court documents indicate that as the sale process progressed, the company and its advisors identified a subset of underperforming stores that are unlikely to be included in any acquisition offer.
Overall, more than 15,000 retail stores are projected to close across the U.S. this year, according to Coresight Research data cited by CNN.
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
