Jo-Ann, the fabrics and crafts retailer, plans to close about 500 of its 800 stores in the United States, with some store beginning “Going Out of Business” sales Saturday, February 15, 2025. Stores that are designated for closure are expected to stay open for several months.
Approximately 500 stores will close, and the Arlington Heights store at 273 East Palatine Road is one of the designated closures, according to a bankruptcy closure document.
Nearby Chicago suburban stores that are closing include Algonquin, Bloomingdale, Countryside, Geneva, Joliet, McHenry, Naperville, Norridge, Orland Park and Vernon Hills.
The Jo-Ann stores in Darien and Lombard appear to have survived the closure cuts.
Court bankruptcy document disclosed that closures are planned in all 50 states, with California, Florida, Indiana, Michigan, New York, Pennsylvania, and Washington being most affected because these states have the most stores.
Jo-Ann’s second bankruptcy filing in less than a year was in January 2025. The first bankruptcy filing in March 2024 involved conversion to a private company in attempt to keep all stores open, but an issue with inventory, including product production cessations was named as a reason for the second bankruptcy filing.
Three years before the first bankruptcy, Jo-Ann went public on the Nasdaq market as “JOAN” in March 2021, but Nasdaq halted trading for JOAN after its stock persistently had a share price below $1.
During the bankruptcy period between the first filing and the second filing, Jo-Ann sought a buyer, but was unsuccessful.
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