It’s a struggle for fabric retaielr Joann Fabrics. According to the company, scores of stores are set to close across the company ‘s portfolio amid efforts to restructure.
The Lowdown
Following the company’s already existing Ch 11 bankruptcy application last year. The struggling fabric and crafts retailer never really bounced back after the pandemic. In their announcement, the company cited shortened consumer demand and inconsistent inventory as reasons for their latest struggles.
This is at least the second bankruptcy filing for the troubled company. Joann intends to sell the business according to the same announcement.
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