Crafters who use Joann Inc. to purchase supplies may have to find another outlet.
Joann Inc. plans to close hundreds of stores, the company said in a court filing Wednesday in a U.S. District Court in Delaware.
The filing said Joann, headquartered in Hudson, Ohio, plans to close some 500 of the chain’s 800 locations, according to a report from The Detroit News.
Joann filed for Chapter 11 bankruptcy protection last month, its second such filing within a year.
At the time, the company cited “increasingly tight liquidity levels” — meaning it was having a hard time finding enough cash to maintain operations. Those obstacles, coupled with “significant and lasting challenges in the retail environment” gave the company no choice but to seek bankruptcy protection again, interim chief executive Michael Prendergast said in a news release.
Joann is the latest in a slew of specialty retailers to file for bankruptcy or announce store closures, The News reported.
