Vestal JoAnn Fabric Store Avoids Closure – for Now

JoAnn, the popular fabrics and crafts retailer, has made the tough decision to close about 500 of its stores nationwide. This step comes almost a year after the company filed for bankruptcy.

Financial Struggles and Bankruptcy Filing

In March 2024, the Ohio-based company, which runs more than 800 stores, declared bankruptcy because it owed between $1 billion to $10 billion. The company blamed its money problems on having to pay high prices to ship products from overseas and on fewer people buying their items. At first, JoAnn wanted to keep all its stores running, but in January, it decided to use Chapter 11 bankruptcy to start selling some of its assets.

Impact of Store Closures

The store closings will happen in nearly every state, with about 60 stores in California being affected. Other states that will see a significant impact from these closures are Florida, Illinois, Massachusetts, Maryland, Michigan, Minnesota, New York, Pennsylvania, and Texas.

Support for Customers and Employees

During these changes, JoAnn has said it will keep serving its loyal customers well and offering a variety of products. The company also plans to help its thousands of employees all across the country during this time. However, there is no exact date given for when the stores will begin to close.

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Future of Vestal Joann Fabrics Store

Despite JoAnn Fabrics filing for bankruptcy and announcing the closure of many stores in different states, the Joann Fabric store on the Vestal Parkway in Vestal has been spared from closure based on the most recent list of closings.