It's baffling how a store can overcharge so much and still go bankrupt.
It's baffling how a store can overcharge so much and still go bankrupt.
(NEXSTAR) — Less than a month after filing for Chapter 11 bankruptcy protection for the second time in a year, craft retailer JOANN is preparing to close hundreds of stores.
In a recent court filing, JOANN listed roughly 530 “underperforming” stores across more than 40 states that it would like to “immediately” begin closing. When the company filed for bankruptcy protection in January, it originally planned to keep all of its roughly 800 stores open throughout the process.
“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,” a spokesperson for JOANN told Nexstar when reached for comment. “A careful analysis of store performance and future strategic fit for the Company determined which stores should remain operating as usual at this time. Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for JOANN.”
Even more stores could close as the bankruptcy process continues, the company warned.
Below is the list of stores JOANN has identified for potential immediate closure: . .
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(NEXSTAR) — Less than a month after filing for Chapter 11 bankruptcy protection for the second time in a year, craft retailer JOANN is preparing to close hundreds of stores.
In a recent court filing, JOANN listed roughly 530 “underperforming” stores across more than 40 states that it would like to “immediately” begin closing. When the company filed for bankruptcy protection in January, it originally planned to keep all of its roughly 800 stores open throughout the process.
“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,” a spokesperson for JOANN told Nexstar when reached for comment. “A careful analysis of store performance and future strategic fit for the Company determined which stores should remain operating as usual at this time. Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for JOANN.”
Even more stores could close as the bankruptcy process continues, the company warned.
Below is the list of stores JOANN has identified for potential immediate closure:
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