A fabric and craft chain that filed for Chapter 11 bankruptcy last year has announced that it will close its Ocala location and several hundred others as part of a corporate restructuring that will see it permanently shutter over 60% of its stores.
Joann Inc. will close over 500 of its JOANN Fabric and Craft Stores across the country, according to a statement issued by the company on Wednesday.
“After carefully reviewing all available strategic paths to address our ongoing industry, economic and financial challenges, JOANN and its financial stakeholders determined that initiating a court-supervised sale process is the best course of action to maximize the value of the business,” reads a statement from the corporation.
As part of its ongoing bankruptcy proceedings, the business has filed a motion seeking court authority to “begin closing approximately 500 stores across the nation.” The company says the move is being made to preserve its future.
“Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for JOANN,” reads the statement.
The list of closures includes the sole Joann location in Ocala, which is situated at 2405 SW 27th Avenue in the Shady Oaks Shopping Center. The statement did not provide details on when the Ocala location or others will be closed.
Ocala-News.com first announced the company’s bankruptcy proceedings last March.
In addition to the location in Ocala, additional nearby stores in The Villages, Wellington, and Lakeland.
Joann Fabric and Crafts stores sell a wide range of fabrics and supplies for sewing, arts, and crafts. At the time of the bankruptcy filing last year, the company reported that more than “95 percent” of the 800 stores were “cash flow positive.”
For more information on the company’s restructuring, or to read the entire statement, visit the Joann restructuring website.