Why Joann fabric and craft stores are set to close in South Jersey
Three fabric and craft stores are to close in South Jersey as part of approximately 500 shutdowns nationwide, the financially ailing retailer Joann has disclosed.
Joann plans to shutter 'underperforming' stores in Mount Laurel, Deptford and Mays Landing, according to a motion filed Feb. 12 in the firm's bankruptcy case. One area store is to remain open in Cherry Hill.
'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,' the Ohio-based company said in a statement.
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Joann, founded more than 80 years ago, describes itself as 'the nation's category leader in sewing and fabrics with one of the largest arts and crafts offerings.' It currently has more than 800 stores in 49 states.
'Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for Joann,' the company's statement said.
Joann also wants to close three stores in Lawrenceville, Toms River and Succasunna, Morris County. That would leave it with five locations across the state.
Joann filed for Chapter 11 bankruptcy protection Jan. 15, saying it hoped to sell off assets to improve its finances.
The store closings are subject to the approval of a federal bankruptcy judge in Delaware.
If the judge approves, Joann said, close-out sales are to begin 'immediately.'
Jim Walsh is a senior reporter for the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.
This article originally appeared on Cherry Hill Courier-Post: Joann fabric and craft store bankruptcy: Stores in New Jersey to close
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