Joann Files for Bankruptcy, Closes All 800 US Stores
Joann Inc, a crafts retailer, has announced plans to close all of its stores in bankruptcy after failing to find a buyer willing to preserve the business. The company had hoped to sell its assets to a buyer group that would keep the business alive, but ultimately decided to liquidate. Joann filed for bankruptcy for the second time in less than a year, citing supply chain disruption and financial struggles.
- This bankruptcy highlights the vulnerability of small retailers, particularly those with thin profit margins, to global supply chain disruptions and changing consumer behavior.
- Will this closure mark a permanent shift away from brick-and-mortar craft stores, or will consumers seek out alternative options for their hobby needs?