Crafts retailer Joann is providing significant discounts on its merchandise as its stores are set to close permanently by the end of the month.
The company’s website indicates it is conducting “going out of business” sales at its various locations, with discounts ranging from 50% to 80%, although some exclusions apply and discounts may vary by location. For example, there are 50% discounts available on thread and yarn, and sales on home decor fabric and trims offer reductions between 50% and 80%.
Purchases must be made in physical stores, as the company ceased online sales through its website in early March.
These closing sales commenced in early March, approximately seven weeks after Joann filed for Chapter 11 bankruptcy. This follows a previous bankruptcy filing last year.
The sales are part of a winding-down process managed by GA Group and its prepetition term loan agent, who acquired the majority of Joann’s assets in February. Joann expressed its commitment to working collaboratively with the winning bidder to ensure an orderly wind-down of operations, aiming to minimize the impact on all stakeholders.
At the time of the bankruptcy filing in January, Joann had around 800 stores across the United States. Several hundred have closed since then, as reported by USA Today. Remaining stores will continue sales “until the end of May, or until supplies last,” according to a March press release from GA Group.
The closure of Joann’s remaining locations will conclude an eight-decade history for the crafts retailer, which was founded in 1943.
