Say It Ain’t SEW! Will Joann Fabrics Stores Close?

It's been a tough time for retail stores across the country and Joann's Fabrics is sharing the pain along everyone else. However, their pain means Bankruptcy!

Joann’s stock was delisted from the Nasdaq, WZZM On Your Side reported, and will become privately owned following the bankruptcy process, which it expects to happen as fast as next month.

BANKRUPTCY OF JOANN'S

So, sadly, the fabric and crafts retailer Joann has had to file for Chapter 11 bankruptcy as they desperately try to restructure and pull customers back into their stores.

Joann has a huge hole to dig out of as the company says they owe over $2.44 billion in debts, according to Monday's filing of their Chapter 11 petition, with only about $2.26 billion in assets. That's not too healthy!

ARE THEY CLOSING?

So, what does a company do? Fire employees? Close stores? Shut down entirely?

NO is the answer to those three questions. Not at this time, anyway. Whew!

JOANN'S AT CENTERPOINTE

GOOD NEWS!

That is really good news for the Grand Rapids area. There are five Joann's in the Grand Rapids and West Michigan region. There is one located at Centerpointe on the Beltline and 28th street, another in Greenridge Square on Alpine, Ave., and also in the Rivertown Crossings Mall area on Century Center street. They also have a Holland store on Felch Street, and in Norton Shores at Lakes Crossing.

Joann's is an 81-yearl old company with more than 800 stores. There were founded in 1943 helping serve sewists, quilters, crocheters, and crafters, and have survived many retail ups and downs over the years.

Joann's is confidant that they will be able to serve their passionate customers for years to come.