Big Retailer Goes Bankrupt, 22 Stores In Massachusetts
JoAnn Fabric, which has 22 locations in Massachusetts, has filed for bankruptcy. The 81 year-old fabric chain’s business has been on a steady decline for years now. Jo-Ann saw a brief surge in sales during the early days of COVID due to people staying at home, but that was short lasting.
JoAnn has 850 stores nationwide.
In a statement Monday, the Ohio-based company said it filed for Chapter 11 bankruptcy protection and has secured $132 million in fresh funding that helps reduce its debt in half, which had ballooned to $1 billion. Its roughly 850 stores and website will remain open for business.
Social Media is reacting to the news of Jo-Ann on Monday…
Oooono Women! What r u going to do!? Jo-Ann Fabric is filing Bankruptcy! -Random on Facebook
Jo-Ann Fabrics is on the edge of bankruptcy, the last national fabric chain. Independent stores died off long ago. I guess that leaves internet stores? -Random on Facebook
JOANN helps people find handmade happiness. We have the best selection of fabrics, sewing supplies, yarn, home decor & more. However you like to create, you’ll find everything you need right here. Contact us at customer.service@joann.com with questions! -JoAnn Fabric on Facebook.
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