What led to Joann's unexpected closure after 80 years in business

Joann, a crafts and fabrics retailer, plans to close all 800 stores across 49 states. The company, operational for 80 years, filed for bankruptcy in March 2024, reporting debts between $1 billion and $10 billion. Joann attempted to remain viable by closing 500 locations while trying to keep 300 open, but these efforts failed. Recently, assets were auctioned, and GA Group became the winning bidder, leading to the decision to shut down all stores permanently. Going-out-of-business sales will start immediately, with closure dates to be announced. Joann has been significant to the crafting community since its establishment in 1943 and underwent several name changes, becoming "Joann" in 2018. Other retailers, such as Kmart and Sears, also face closures.

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