National Retailer to Close All Stores in Iowa, Illinois, and Wisconsin

After filing for bankruptcy in mid-January, a large fabrics and craft retailer will be going out of business, effectively closing all of their stores, including the one in Dubuque.

This news comes after the final few months of 2024 saw a number of major retailers announce they'll be closing their doors. Big Lots shut down a couple different Iowa stores. Party City is going out of business, with stores in Iowa, Illinois, and Wisconsin closing soon. It was also revealed Kohl's would be closing 27 stores, two of which in Illinois, and last week, it was reported Hooters was filing for bankruptcy.

Joann Inc, which owns Joann (also known as Joann Fabrics) will be going out of business and closing all locations after more than 80 years. The store was known for as a destination for generations of quilters, knitters, seamstresses, and crafters, per AP News.

The company, which is based in Hudson, OH, filed for Chapter 11 bankruptcy protection in January, the second time in a year. Decreasing consumer demand coupled with significant inventory shortages were the two compounding factors in the decision to close all of its stores.

Back in January, Interim CEO Michael Prendergast spoke about Joann's latest bankruptcy filing in a press release:

[The] last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step - Interim CEO Michael Prendergast, per CNN

In early February, Joann said it planned to close 500 stores, more than half of its total number. A recent auction with financial services company GA Group, along with Joann's term lenders, won the bid to "acquire substantially all of Joann's assets" and start the winding down process of company operations and going-out-of-business sales at all store locations.

This obviously includes Joann's Dubuque location at 2600 Dodge Street. It is one of four locations in Iowa. There are 21 Joann stores in Illinois, many of which already in the liquidation process according to their website, and five stores in Wisconsin.

On the Q&A page of their restructuring website, it's revealed that Joann.com and the mobile app will remain open as the going-out-of-business sales commence. No timetable outside of "a number of weeks" for all stores to formally close has been given, per AP News. The company also offered this statement via Joann's restructuring website:

Joann leadership, our board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business. We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders - per Joann's Restructuring website

Read more about Joann closing all of its stores on AP News' website.