Omnichannel
Joann files for bankruptcy for a 2nd time
January 29, 2025
Crafts retailer Joann has filed for bankruptcy for the second time within a year and is trying to sell itself off but is not closing any stores at this point.
The move comes amidst a challenging retail environment with 2024 seeing a near record number of retail store closures. More than 7,100 store closures had taken place through the end of November 2024, a 69% jump from the same time last year, according to data from research firm CoreSight, as reported by CBS News.
Declining sales and tight inventory prompted the second bankruptcy filing in the U.S. Bankruptcy Court for the District of Delaware, according to a Fox Business report.
The first filing was in March, 2024 and the company did not shutter any locations. It is hoping to sell all assets to Gordon Brothers Retail Partners LLC.
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