Joann’s latest bankruptcy filling will result in the fabrics and crafts retailer closing 500 of its stores across the country, but the Kennewick store isn’t one of them.
The company shared via its dedicated restructuring website that it filed a motion seeking court authority to begin closing about 500 stores across the nation, saying that “right-sizing the store footprint is a critical part of the efforts to ensure the best path forward for Joann.”
“After carefully reviewing all available strategic paths to address our ongoing industry, economic and financial challenges, Joann and its financial stakeholders determined that initiating a court-supervised sale process is the best course of action to maximize the value of the business,” the company said in a release.
Only Hawaii will not see any store closures. Washington state will see 21 of its stores close. The expanded Kennewick store at Columbia Center mall, which opened in 2023, is not on the closure list but one in Walla Walla is.
No timeline for the closures was immediately available.
The company’s most recent bankruptcy filing came just a month ago, which was only a year after it first filed for bankruptcy protection and became a private company owned by some of its creditors.
In recent court documents, Joann blamed “unexpected” and “acute” inventory issues, which took a big bite out of sales and put its $615 million debt in an “untenable position.”