Craft retailer JOANN closes all of its stores

A month after filing for bankruptcy, craft supplies retailer JOANN will close all of its stores nationwide. The company, founded in 1943, has about 800 outlets spread across 49 states.

Before the physical stores disappear, JOANN's owners will sell all of the company's assets to a group of buyers, which made the decision to close the stores rather than continue the business.

As reported by Reuters, the retailer filed for bankruptcy in January for the second time in less than a year. On the last occasion, the company reported that it had a debt of US$615.7 million, for which it had to file for Chapter 11 bankruptcy. It owed more than $133 million to its suppliers.

A month ago, JOANN asserted that it would close at least 500 stores nationwide - it operates in every state but Hawaii. "This has been a very difficult decision to make, given the huge impact we know it will have on our team members, our customers and all the communities we serve," the company said.

But, now, in the face of the sale transaction, all of the stores will disappear.