JoAnn Fabrics is closing 500 stores nationwide, including 16 locations in Wisconsin, as part of its bankruptcy restructuring, the Wisconsin State Journal reported. The retailer, which filed for bankruptcy last month for the second time in a year, cited severe and unexpected inventory issues as a key factor in its financial struggles.
Among the Wisconsin closures are stores in Madison (Zeier Road), Janesville, Watertown, Lake Geneva, and Beaver Dam. JoAnn currently operates 23 stores statewide, according to its website.
The company has not announced a timeline for the closures but said the decision is necessary to stabilize operations. JoAnn joins a growing list of retailers struggling with supply chain disruptions and shifting consumer demand.
