National fabric and crafts retailer, JOANN, will be closing about 500 stores nationwide, including at least 7 in Missouri.
The Ohio-based company filed for bankruptcy in March 2024, citing operating costs and decreasing consumer demand. In January, the company began Chapter 11 bankruptcy proceedings.
“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,” said Michael Prendergast, Interim Chief Executive Officer of JOANN in a January 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. After carefully reviewing all available strategic paths, we have determined that initiating a court supervised sale process is the best course of action to maximize the value of the business. We hope that this process enables us to find a path that would allow JOANN to continue operating as a going concern.”
Missouri store closures include:
- 3600 Country Club Dr Ste 408 Jefferson City, MO 65109
- 3810 S Crackerneck Rd Independence, MO 64055
- 1153 E North Ave Belton, MO 64012
- 603 N Belt Hwy St Joseph, MO 64506
- 15355 Manchester Rd Ballwin, MO 63011
- 101 Twin City Mall Crystal City, MO 63019
- 1976 Phoenix Center Dr Washington, MO 63090
Going-out-of-business sales are expected to begin soon. It is not known when the stores will begin closing.
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