Here's a rewritten version of your text:
Joann to Close Most Central Ohio Locations Amid Second Bankruptcy Filing
COLUMBUS, Ohio (WCMH) — Nearly all Joann stores in central Ohio are set to close following the fabric and craft retailer’s second bankruptcy filing.
Joann, one of the nation’s largest arts and crafts chains, plans to shut down 530 “underperforming” locations nationwide, according to court documents filed Wednesday. More than 30 stores in Ohio are on the closure list, including:
- Columbus: 1265 Polaris Parkway, 3880 Morse Road, 4600 W. Broad St.
- Dublin: 2747 Festival Lane
- Reynoldsburg: 2891 Taylor Road
- Lancaster: 1216 N. Memorial Drive
According to a Joann spokesperson, the company conducted a careful analysis of store performance to determine which locations should remain open. “Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for Joann,” they said in a statement to Nexstar, NBC4’s parent company.
Once the closures are finalized, only one Joann store will remain in central Ohio—located in Heath at 789 Hebron Road. Until then, affected locations will hold going-out-of-business sales starting Saturday, lasting for several months.
The Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy on Jan. 15 to facilitate a sale to Gordon Brothers Retail Partners. Big Lots, another Ohio-based retailer, also finalized a sale agreement with Gordon Brothers, which then auctioned off the leases of more than 500 Big Lots stores.
The bankruptcy transaction remains open to higher bids, with Joann seeking alternative offers. Founded in 1943, the company operates approximately 800 stores and 40 distribution centers, employing 19,000 workers—3,400 full-time and 15,600 part-time.
Joann previously filed for bankruptcy in March 2024, citing high interest rates and declining sales following a pandemic-era sales surge in 2021 and 2022. Despite cost-cutting measures in June 2023, the company still carried over $1.06 billion in debt at the time.
Although Joann successfully emerged from bankruptcy as a private company, it soon faced inventory shortages and sluggish retail sales, leading to continued financial struggles. The company’s debt now stands at approximately $615 million.
.jpeg)
0 Comments