By Josh Beckerman
Joann plans to close about 500 stores, out of about 800 that it operated as of the time of its January chapter 11 filing.
The craft-focused retailer said in January that its stores remained open and that it would seek to sell substantially all of its assets, selecting Gordon Brothers Retail Partners as a stalking-horse bidder.
Joann said Wednesday that it is seeking bankruptcy court authority to begin closing stores.
"This was a very difficult decision to make, given the major impact we know it will have on our Team Members, our customers and all of the communities we serve," the company said.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 12, 2025 15:12 ET (20:12 GMT)
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