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Joann closing about 500 stores, including most Mass. locations
In Massachusetts, 19 of Joann’s 20 locations are set to close, with only the Milford location remaining open, according to court filings.
Joann, a fabric and crafts retail chain with over 800 stores across the country, is set to close approximately 500 stores, including nearly every Massachusetts location, the company said Wednesday.
“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,” a spokesperson for Joann said in a statement. “A careful analysis of store performance and future strategic fit for the Company determined which stores should remain operating as usual at this time.”
In Massachusetts, 19 of Joann’s 20 locations are set to close, with only the Milford location remaining open, according to court filings. The Milford store is located at 91 Medway Road.
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The closures come one month after Joann announced in a statement that it would begin Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. Though Joann stores have remained open since then, the company stated that it was aiming to “facilitate a sale process to maximize the value of its business.”
“Since becoming a private company in April, the Board and management team have continued to execute on top- and bottom-line initiatives to manage costs and drive value,” Michael Prendergast, the interim chief executive officer of Joann, said in the statement. “However, the last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step.”
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Since the brand’s first store opened in 1943, Joann has grown to operate approximately 850 stores in 49 states.
The brand has not yet announced when stores will begin closing, but court filings indicated that the company wants to begin closing sales immediately.
“Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward,” a spokesperson for Joann said.
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