Bad news for the crafty crowd, as Joann, the beloved arts and crafts retailer, has filed for bankruptcy. Again.
Here’s everything you need to know.
Joann Files For Bankruptcy
Once one of the country’s largest arts and crafts retailers, Joann announced on Wednesday that it is filing for Chapter 11 bankruptcy and seeking a sale to keep its operations alive.
Joann’s Second Bankruptcy in Less Than a Year
The 82-year-old retailer, known for its sewing supplies, fabrics, and general crafting needs, first filed for bankruptcy in March 2024.
It managed to bounce back as a private company a month later, keeping all of its stores open despite financial turbulence.
What Went Wrong?
According to court documents, sluggish sales and what the company described as “acute and unexpected” inventory issues played a major role in its downfall.
Supply chain disruptions left shelves emptier than expected, driving customers elsewhere and creating a ripple effect Joann couldn’t recover from in time.
Stores Stay Open
Despite the bankruptcy proceedings, the retail chain has assured customers that its 865 stores across 49 states will remain open. The company is actively looking for a buyer to take over and keep the business running.
However, if no buyer emerges, liquidation could be on the table — a fate no crafter wants to imagine.
