Joann Fabrics and Crafts, a major US craft retailer, discontinued its physical store operations by May 2025, closing all locations nationwide after two Chapter 11 bankruptcy filings in 2024/2025, failing to find a buyer for the whole business, and selling assets to a liquidator, marking the end of an era for many crafters and small businesses. The company, known for fabrics, yarn, and art supplies, faced overwhelming debt and inventory issues, leading to its sudden collapse despite efforts to restructure.

Why Joann Closed

Financial Struggles: Debts mounted, exacerbated by competition and a post-pandemic retail slowdown, leading to the first bankruptcy in early 2024.

Failed Restructuring: A second bankruptcy filing in early 2025 aimed to find a buyer, but a deal fell through.

Asset Sale: In February 2025, the company's assets were auctioned, with retail liquidator GA Group winning the bid, leading to liquidation.

The Closure Process Liquidation: All stores began "going-out-of-business" sales in early 2025.

Timeline: The majority of the 800+ stores closed by the end of April 2025, with the final stores shutting down by May 30, 2025.