Well, Massachusetts residents, yet another national retail-store chain is in trouble AGAIN. Less than a year after filing for bankruptcy, they are filing again for a SECOND time in 10 months.

According to MassLive, nationwide retailer JOANN Fabric & Craft Stores, with 21 locations in Massachusetts, has filed bankruptcy for a second time in less than a year. The popular craft store is certainly struggling.

MassLive reports that the company first filed for bankruptcy in March 2024. The following month they emerged from bankruptcy as a private company. However, on Wednesday, the company announced it filed for bankruptcy again.

It appears that the company will likely sell to Gordon Brothers Retail Partners, the capital market company that recently purchased another struggling nationwide retailer, Big Lots, Inc.

The company did say, however, that they were also open to other bids. JOANN just shuttered their store in Holyoke this past Sunday but will continue to serve customers both at the stores that remain open and online.

Michael Prendergast, Interim Chief Executive Officer of JOANN, had this to say in a company press release:

On behalf of the Board and leadership, I want to thank the thousands of JOANN Team Members across the nation for their dedication to our customers and mission, especially in light of everything our company has gone through in recent years.

Prendergast goes on to say the company will continue to support and serve their customers during this difficult process. At this time, JOANN is seeking to sell all of its assets.

The JOANN Fabric chain will be liquidated if the bid from Gordon Brothers is successful. For the full story, visit MassLive's website here.

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