Craft retailer Joann is asking a court for approval to shut down 500 of its stores across the United States, part of its ongoing bankruptcy proceedings.
The company filed for Chapter 11 bankruptcy in Delaware in January, facing challenges such as inventory shortages and rising competition. This marks its second bankruptcy filing within a year.
In a statement to Reuters, Joann explained that after carefully reviewing store performance and long-term plans, it identified which stores should remain open.
Founded in 1943, Joann specializes in sewing, arts, crafts, and home décor. The retailer operates 800 stores across 49 states, employing 19,000 people. During its previous bankruptcy, Joann kept all its stores open.
Read more: