Tag #Store Closings

What is the primary reason for Joann Stores' complete closure, and what are its immediate impacts?

After failing to secure a buyer, Joann Stores, a fabric and craft retailer, is liquidating all 790 of its locations nationwide. The company, which filed for Chapter 11 bankruptcy twice in less than a year, cited weak sales and inventory issues as the primary reasons for closure. Store closing sales are currently underway with discounts up to 40%.