Joann, a major retailer of fabrics and crafts, said in a bankruptcy filing on Wednesday that it intends to close 500 locations and begin going-out-of-business sales.
The retailer currently has 800 locations. When it initially filed for bankruptcy in 2024, it said it did not intend to close any locations. The company said at the time that it would also preserve the jobs of its 18,000 associates through bankruptcy.
In March 2024, Joann announced that it would file for Chapter 11 and obtain approximately $132 million in new financing. The retailer hoped to reduce its debt by $505 million during bankruptcy.
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The company then filed for bankruptcy again in January, this time saying it would seek a buyer for its assets.
Amid negotiations, the company said it identified 500 underperforming locations that buyers were not interested in.
According to a document, there are nearly a dozen Arizona locations that are set to close:
- 1514 S Riordan Ranch St., 86001 - Flagstaff, AZ
- 2303 Miracle Mile Rd., 86442 - Bullhead City, AZ
- 5021 E Ray Rd., 85044 - Phoenix, AZ
- 21001 N Tatum Blvd., 85050 - Phoenix, AZ
- 1717 N Dysart Rd., 85392 - Avondale, AZ
- 825 N Dobson Rd., 85201 - Mesa, AZ
- 1325 E. Florence Blvd., 85122 - Casa Grande, AZ
- 21238 S. Ellsworth Loop Rd., 85142 - Queen Creek, AZ
- 3049 East Indian School Rd., 85016 - Phoenix, AZ
- 7255 East Broadway Blvd., 85710 - Tucson, AZ
- 18785 S I-19 Frontage Rd., Suite 113, 85614 - Green Valley, AZ
In its updated bankruptcy filing, Joann has asked a judge to allow it to stop accepting gift cards and returns after 14 days. It is also seeking permission to begin going-out-of-business sales immediately.
The company began operations in the Cleveland area in 1943 and currently operates in 49 states.
