General Discussion

Jo-Ann filed for Chapter 11 bankruptcy protection on March 18, 2024.The company planned to cut over $500 million in debt and restructure into a privately held company. It planned to complete its filing by late April with no employees or stores affected. Nasdaq halted the trading of the company's stock on March 28, and on April 9, Jo-Ann was formally delisted from the exchange. The company's reorganization plan was approved by a federal judge on April 25, and Jo-Ann emerged from bankruptcy as a private company.

On January 15, 2025, Joann filed for Chapter 11 bankruptcy protection for the second time in less than a year. The company cited continued declining sales as a contribution to its second filing. Stores were expected to remain open throughout the procedure as the company attempts to shed its debt by $500 million.

On February 12, 2025, Joann announced the closure of 500 of its remaining 800 locations, in an effort to "right-size" the company's footprint. 61 of the locations slated for closure are in California, while Florida, Michigan, Ohio, and Pennsylvania will each see more than 30 Jo-Ann locations close. On February 24, 2025, it was announced that Joann would liquidate the remaining 300 locations after failing to find a buyer. Its assets will be sold to GA Group, a private equity-firm