Joann Fabrics and Crafts closing 500 stores
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JOANN Fabric and Craft Stores has announced plans to close over 500 of its approximately 850 locations nationwide as part of its Chapter 11 bankruptcy proceedings. This decision aims to “right-size” the company’s footprint to ensure a sustainable future.
In North Carolina, the closures include the Mooresville store at 221 Norman Station Blvd. and the Morganton location at E132 Morganton Heights Blvd. However, the Charlotte area will retain two stores: one at 9523 South Blvd. and another in Monroe Crossing Mall at 2115 W. Roosevelt Blvd.
Two JOANN fabric stores will remain for now in the Charlotte region at 9523 South Blvd. and in Monroe Crossing Mall at 2115 W. Roosevelt Blvd. in Monroe.
“A careful analysis of store performance and future strategic fit for the company determined which stores should remain operating as usual at this time,” JOANN’s court motion stated.
JOANN, established in 1943, has faced challenges due to inventory shortages and increased competition, leading to its second bankruptcy filing in less than a year. The company currently operates 800 stores across 49 states and employs approximately 19,000 people.
