The company announced the decision as part of a court-supervised sale process aimed at maximizing the value of the business, according to a statement on the Joann restructuring website. “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,” the statement read.
The hearing to approve the motion to close the stores is scheduled for Friday, February 14. In Texas, the stores expected to close include locations in cities such as Abilene, Arlington, Austin, Dallas, Denton, Houston, and others, according to Joann.
“This was a very difficult decision to make, given the major impact we know it will have on our Team Members, our customers and all of the communities we serve,” stated the news release from Joann officials. The company emphasized that right-sizing its store footprint is crucial to ensuring the best path forward.
The going-out-of-business sales at the affected locations could continue for several months, as Joann navigates through its restructuring efforts.
