The retail sector has proven to be a resilient one in the years following the COVID pandemic, with savvy retailers relying on both brick-and-mortar stores and a strong online presence to keep the business coming. But that doesn’t mean that some of the bigger names in the sector aren’t struggling.
One such big name? Joann, the national fabric and craft-supplies retailer, that announced on Feb. 23 that it was going out of business and would begin shutting down all of its 800 stores in 49 states across the United States.
This move doesn’t come as a shock. Joann, formerly known as Jo-Ann Fabrics, does have an 80-year history. But it has also struggled for several years, thanks in part to competition from online retailers. Competitors such as Michaels and Hobby Lobby also ate into Joann’s sales.
The GA Group, a company that provides retail liquidation services, is purchasing Joann. GA Group will then begin the process of closing down stores.
In a statement, Joann said that GA Group will begin conducting going-out-of-business sales at all store locations. These sales are scheduled to begin immediately.
Earlier this month, Joann said that it would close about 60% of its retail shops across the country. That plan has now changed and Joann will soon disappear.
It’s uncertain when locations will officially close, but Joann on its website says that it will continue to accept gift cards through Feb. 28.
