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A year after filing for bankruptcy and a month after beginning Chapter 11 proceedings, Joann Fabric and Crafts announced it will be closing three south suburban locations as part of a massive national store closing.
The Ohio-based retailer announced Wednesday it will be closing about 500 of its more than 800 stores, which includes 26 stores in Illinois.
Local stores slated to close are in Orland Park, Crestwood and Countryside. A store will also close in Joliet and two more in northwest Indiana.
“After carefully reviewing all available strategic paths to address our ongoing industry, economic and financial challenges, Joann and its financial stakeholders determined that initiating a court-supervised sale process is the best course of action to maximize the value of the business,” the company said in a statement. “Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for Joann.”
Going-out-of-business sales are expected to start on Saturday and could continue for several months, Joann said. Gift cards are still being accepted for in-store purchases, but not online shopping.
“Joann is committed to providing our customers – the sewists, quilters, crocheters, crafters and other creative enthusiasts we have served for more than 80 years – with great service and assortments and to supporting our thousands of Team Members across the nation throughout this process,” the company said in a statement.
No timetable has been released for when store closures will begin.
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