Joann Inc., the parent company of Joann Fabrics, which filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware last month, is seeking approval to close hundreds of underperforming stores nationwide.
The retailer, a staple in the sewing and crafting industry for more than 80 years, cited financial difficulties and an ongoing strategic sale process as key reasons for the closures.
According to the court filings, Joann Inc. is undertaking a restructuring process while continuing to seek potential buyers for its assets.
As part of this effort, the company has identified hundreds of stores across more than 40 states that will close—with California, Florida, Illinois, and Michigan being hit the hardest….