Joann is filing for bankruptcy for the second time since last March, and there is already talk of a bidder that might buy the company.
The fabrics and crafts company, which has been in business for 82 years, announced Wednesday that it is filing for Chapter 11 bankruptcy once again due to slowing sales and issues with inventory.
When it first filed for bankruptcy in March 2024, Joann rose out of bankruptcy a month later as a private company and was able to continue keeping all of its stores open.
The chain is now seeking to sell a substantial amount of its assets to another company.
The same company that bought Big Lots, Gordon Brothers Retail Partners, has already placed an undisclosed bid to buy Joann.
However, it is unconfirmed if Joann is going to accept the offer, as the company might sell to someone else if it gets a higher offer.
Joann’s stores and website will remain open as it goes through the sales process, and all employees will continue to be paid.
The company operates more than 800 stores across 49 states, including 11 stores in New Jersey. These are located in Cherry Hill, Colonia, Deptford, Lawrenceville, Mays Landing, Mount Laurel, Paramus, Riverdale, Shrewsbury, Succasunna and Toms River.
More stores that filed for bankruptcy
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Katherine Rodriguez can be reached at krodriguez@njadvancemedia.com. Have a tip? Tell us at nj.com/tips.