Joann Fabrics and Crafts stores that close all sites after submitting bankruptcy

Joann Inc. The repeated Americans with technical supplies and fabrics for decades, are planning to close all its American stores, just one month after its presentation Chapter 11 Banking protection.

In a statement obtained by Reuters on Sunday, the 82 -year -old company announced its plans to sell all assets to Jupiter Group. Joan, the executives, originally expressed the buyer to continue his work, but the highest bidder in business sales is scheduled to start in all locations.

As of January, Joan had more than 800 retail sites in the United States, although hundreds of them closed last month. Recently last month, the company also had $ 538.3 million of stock and used 19,000 people in all American states except Hawaii.

But the company also reported 615.7 million dollars of debt when it applied for bankruptcy 11, including more than $ 133 million due to its suppliers. The monthly cost of managing hundreds of sites reached 26 million dollars in the monthly rent alone.

Main retail files for bankruptcy crafts

The court documents also show that Joan recently faced problems with its suppliers, which canceled some of the products on which the series relied. At the same time, spinning and sewing spinning processes have become unexpected, threatening Joan’s reputation as a one -in -one store to formulate enthusiasts.

In January, the company started closing about 500 of its locations. A company spokesman Fox Business told that closure was a step towards increasing the value and length of its business.

Rental contracts for about 700 sites in party city are sold by auction

“An accurate analysis of the store’s performance and the future strategic commencement of the company that defines stores that must remain working as usual at this time,” the actor explained. “The size of the fingerprint is an important part of our efforts to ensure the best path forward for Joan.”

Joan’s last announcement comes after a difficult year for the company. In March 2024, she applied Chapter 11 for the first time in its history, although it avoids closing any of its 800 sites at the time.

Get Fox Business on the Go by clicking here

Customers with Joann gift cards are allowed to use until February 28. The gradual disposal of the remaining Joann stores will be closed within the next few weeks to reduce the disorder of the sellers, clients and employees.

Reuters and Fox Business’ Danielle Genoverse contributed to this report.