Joann announced yesterday that it plans to close approximately 500 of its U.S. stores. Thirteen of the stores are in Virginia; five are in Northern Virginia.
The fabric and crafts retailer filed for Chapter 11 bankruptcy protection last year and vowed to change its capital structure. However, the company says, “We continue to experience significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, have forced us to take this step.”
The five NoVA locations on the company’s closure list include:
- 12124 Fairfax Towne Ctr., Fairfax
- 6320 Seven Corners Ctr., Falls Church
- 9685 Jefferson Davis Hwy., Fredericksburg
- 251 W. Lee Hwy, Ste. 659, Warrenton
- 14350 Smoke Town Rd., Woodbridge
The company stated that the closure plan is “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 careful analysis of store performance and future strategic fit for the company determined which stores should remain operating as usual at this time. Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for JOANN.”
Joann filed a motion seeking court authority to begin closing the stores. The court hearing to approve the company’s plan is scheduled for Friday, February 14. The company states that, “Subject to court approval, we expect going-out-of-business sales will begin at these stores on Saturday, February 15, and could continue for several months.”
Feature image, adobe.stock.com
