Joann, an 82-year-old crafts retailer, is shutting down all 800 U.S. stores after failing to secure a buyer to save the business. The company plans to sell its assets to a buyer group that includes its lenders and GA Group, with going-out-of-business sales set to begin soon. Joann will accept gift cards until February 28 and aims to minimize disruptions to employees, customers, and vendors during the closures. This marks Joann’s second bankruptcy filing in less than a year, driven by supply chain challenges that disrupted inventory and operations.
