Fabric and crafts retailer Joann announced Wednesday it will be closing about 500 stores nationwide, almost a year after filing for bankruptcy .
The Hudson, Ohio-based company, which operates more than 800 stores, declared bankruptcy in March 2024 while reporting between $1 billion and $10 billion in debt. In court documents, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.
At the time, they planned to keep stores open. But in January, the company began Chapter 11 proceedings to start a sale process…