Joann moves to close 500 of its stores across the US amid bankruptcy

Joann Fabric and Craft Stores has announced plans to close approximately 500 of its 800 locations across the United States as part of its Chapter 11 bankruptcy proceedings. This decision comes after the company's second bankruptcy filing in less than a year, attributed to ongoing financial challenges and inventory constraints. 

The closures will affect stores in nearly every state, with significant impacts in California (61 stores), Florida (36), and Michigan, Ohio, and Pennsylvania (33 each). 

Interim CEO Michael Prendergast stated that "right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for Joann." The company is seeking a buyer through a court-supervised sale process to continue operations. 

As of now, the specific timeline for these closures and the impact on employees have not been fully disclosed.