Joann will close all stores following the company’s bankruptcy

Joann, the fabric and craft supply store at the Seven Corners Center, is expected to close in two or three months, although store employees haven’t been given a date yet.

The company filed for Chapter 11 bankruptcy in January, for the second time in less than a year. Joann announced plans to close all 500 of its remaining 800 stores.

Joann attributes its financial troubles to a challenging retail environment.

The store offers an extensive supply of fabric, sewing supplies, yarn, holiday décor, dried flowers, art supplies, paper crafts, and storage bins.

Michael’s, just a few spots away in the Seven Corners Center, carries craft supplies but doesn’t stock fabric.

Following a comprehensive sale process and auction, Joann selected GA Group with the Prepetition Term Loan Agent as the winning bidder to acquire the company’s assets.

“In connection with this agreement, subject to bankruptcy court approval of the transaction, the winning bidders plan to begin winding down the company’s operations and conduct going-out-of-business sales at all store locations,” states a company spokesperson.

“Joann leadership, our board, advisors, and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,” the company states. “We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated team members, our customers, and communities across the nation for their unwavering support for more than 80 years.”