List of stores include locations in the Capital District
COLONIE—Joann Fabrics announced plans to close approximately 500 of its 800 stores nationwide—including its Northway Shopping Center location in Colonie—as part of its ongoing Chapter 11 bankruptcy proceedings.
The company filed a motion on Wednesday, Feb. 12, seeking court approval for the closures as part of a broader effort to stabilize its financial position.
In a statement, the company explained the reasoning behind the decision:
“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.
As part of the ongoing Chapter 11 process, Joann filed a motion seeking court authority to begin closing stores across the nation. Right-sizing its store footprint is a critical part of its efforts to ensure the best path forward.
“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.
The closures will affect several locations in New York State, including Albany, Clifton Park, Amsterdam, Hudson, Kingston, and Poughkeepsie. The company has indicated that going-out-of-business sales at the affected locations were expected to begin on Saturday, Feb. 15, and continue for several months.
Joann Fabrics was founded in 1943 in Cleveland, Ohio, and has since grown to operate stores in 49 states. The retailer offers a variety of products, including sewing supplies, knitting and crocheting materials, crafting essentials, and home décor items.
This marks Joann’s second Chapter 11 bankruptcy filing in less than a year, citing ongoing financial difficulties and inventory shortages. The decision to close stores is part of a broader restructuring effort to align the company’s operations with current market conditions.
