Hugely popular craft store chain will shut 500 of its 800 shops amid bankruptcy
Craft retailer Joann said on Wednesday it plans to shut 500 stores across the US as part of its ongoing bankruptcy process. In January, the retailer - with a history spanning over 80 years - filed for Chapter 11 protection amid increased competition from online sellers. It was the second time it had filed for bankruptcy in two years. The closures are part of its plan to cut costs and boost profitability to attract a buyer.
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