Joann Inc., the parent company of Joann Fabrics and Craft stores, is closing two-thirds of its 800 locations nationwide, including two in Delaware County, at 400 S. State Road in Springfield, and at 600 Town Centre Drive in Glen Mills.
The closures are part of a Chapter 11 bankruptcy reorganization, writes Dan Eaton for the Philadelphia Business Journal.
Elsewhere in the Philadelphia area, stores are closing in Wayne, Philadelphia, Downingtown, Fairless Hills, North Wales, Warrington, Pottstown, Quakertown; and in New Jersey, in Mount Laurel, and Deptford.
Joann is also closing both of its Delaware stores in Newark and Dover.
That leaves only two stores in the region, in Norristown; and in Cherry Hill, New Jersey.
Going-out-of-business sales started Saturday at the affected stores and are expected to last several months.
Joann filed for bankruptcy in January and could go out of business if a buyer does not come forward.
A “stalking horse” bidder, Gordon Brothers Retail Partners LLC, would liquidate Joanne Inc. and close the remaining stores, according to a customer FAQ on the Joann website.
Other potential bidders could continue the business if they choose.
Find out more about the Joann Fabrics store closures and bankruptcy filing in Philadelphia Business Journal.
