Eighty-two years after its founding, fabric and crafts retailer Joann Inc. said it is going out of business and will be closing all of its stores, according to a Sunday announcement.
The Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection in January, the second time in a year. At the time, it cited sluggish consumer demand and inventory shortages but promised to keep all of its stores open.
Last week, however, Joann said it was closing 500 of its 829 stores across the United States, after receiving court permission to sell a large chunk of its assets.
An auction was recently held to find a buyer and determine Joann’s fate….