LANSING, Mich. (Michigan News Source) — Joann is cutting its footprint in Michigan, with 33 stores slated to close as the craft retailer navigates bankruptcy proceedings for the second time in a year.
The company, which specializes in fabric, sewing materials, and other crafting supplies, filed for bankruptcy on Jan. 15, according to the Detroit Free Press. As part of its restructuring efforts, Joann is seeking a buyer, but if none materializes, liquidation firm Gordon Brothers Retail Partners LLC will oversee the sale of store assets, valued at an estimated $538 million.
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“This was a very difficult decision to make, given the major impact we know it will have on our Team Members, our customers, and all of the communities we serve,” a Joann spokesperson told USA TODAY on February 12.
The latest filing identified 531 underperforming locations nationwide, with immediate plans to begin closing sales. Joann listed 41 locations in Michigan, but with planned closures, only a small number are expected to continue operations.
Joann Stores Remaining Open in Michigan:
- Comstock Park: 3900 Alpine Ave. NW Ste. B
- Grand Rapids: 3665 28Th St. SE
- Lansing: 3750 W. Saginaw St.
- Livonia: 13489 Middlebelt Road
- Mt. Pleasant: 4208 E. Bluegrass Road Ste. A
- Portage: 6151 S Westnedge Ave.
- Traverse City: 724 Munson Ave.
- White Lake: 9052 Highland Road