The going-out-of-business sale at Joann Fabric stores is an opportunity for customers to find discounts on crafting supplies.
Joann Fabric stores in Massachusetts are set to close permanently as the company faces significant financial challenges and prepares for an auction to sell retail store leases. The impending closure affects 20 locations in the Bay State, with most expected to shut down by May 2025. The auction comes after a bankruptcy filing with debts between $1 billion and $10 billion. Customers are urged to take advantage of going-out-of-business sales while facing the disappointment of potential gift card invalidation.
In a surprising turn of events, Joann Fabric stores in Massachusetts are gearing up for permanent closure and an upcoming auction. This decision comes as the company grapples with significant financial hurdles resulting in a bankruptcy filing. Out of the 20 locations across the Bay State, customers are facing the reality that their favorite fabric stores will soon be shuttered.
Joann Inc., well-known for its vast selection of fabric and crafting supplies, is set to auction off 790 retail store leases along with five distribution center leases after receiving the winning bid from the Great American Group LLC. The auction aims to address the company’s financial woes, with efforts led by Mike Matlat from A&G Real Estate Partners who is in charge of marketing the leases.
Most Joann locations are projected to close by the end of May 2025. As part of the auction process, there’s a chance for some leases to be sold privately if significant offers pop up before the public auction date expected in early to mid-April 2025. This uncertainty leaves both employees and customers pondering the future of their go-to crafting haven.
Joann’s bankruptcy journey hasn’t been pretty. With debts totaling anywhere from $1 billion to $10 billion, the company struggled to maintain momentum after an initial surge in sales driven by the pandemic. In a bid to recover, they previously announced plans to close a whopping 500 out of over 800 stores. It’s a challenging time, and as beloved fabric and crafting supplies become harder to come by, many loyal customers are left disheartened.
For those in Massachusetts, here’s a not-so-great list of locations that will soon be closing their doors:
Unfortunately for customers holding onto Joann gift cards, they won’t find any use for them at the soon-to-close stores. As a part of the winding-down process, these gift cards will no longer be valid, adding another layer of disappointment for loyal buyers.
In the coming weeks, all affected locations are expected to start going-out-of-business sales. This means shoppers can take advantage of deep discounts as stores clear out their inventory. It might be bittersweet for some, but it presents a real opportunity for many to snag some crafty deals before the doors close for good.
While it’s always tough to say goodbye to a familiar face in the neighborhood, this auction marks a new chapter for Joann Fabric as they navigate these complex financial waters. Stay tuned for updates as the auction date approaches and see what happens next for the beloved craft retailer.
News Summary Eastern Bankshares, Inc. and HarborOne Bancorp, Inc. have announced a definitive merger agreement…
News Summary President Donald Trump has successfully raised nearly $4.1 million from donors and businesses…
News Summary A Massachusetts Senate committee, led by Senator Mark Montigny, is investigating the South…
News Summary Russell and Linda Callahan have been charged with multiple felonies related to a…
News Summary A recent report by the Institute for Policy Studies reveals a substantial 38.6%…
News Summary In Massachusetts, initial unemployment claims dropped to 4,804 for the week ending April…