Over 20 Joann fabric and craft stores in New York are expected to close, including three in the Rochester region, the retailer announced in a recent bankruptcy court filing .
The retailer, which operates around 850 stores in 49 states, according to its website, filed for Chapter 11 bankruptcy protection in Delaware back in March. In a statement at the time, the Ohio-based retailer said it had secured approximately $132 million in new financing and “related financial accommodations” and expected a reduction of its $1 billion total debt by about $500 million.
However, a rash of store closures followed before the company again filed for Chapter 11 bankruptcy in Delaware in January to ”facilitate a sale process to maximize the value of its business.” Now, Joann has confirmed that it plans to close 500 of its roughly 850 stores nationwide…