Popular retailer with 11 stores in NJ files for bankruptcy

🔶 Long-time retail chain to undergo restructuring

🔶 Nearly a dozen NJ stores

🔶 Company plans to emerge from process soon

It could be curtains for another long-time retail fixture around New Jersey.

Fabric and crafts retailer Joann announced Monday that it had filed for Chapter 11 bankruptcy protection.

The company, based in Ohio, expected to get rid of roughly $505 million in funded debt with its plan, according to a press release, which added it expects to emerge from the process in less than two months.

In the meantime, all of the chain’s stores and its website, JOANN.com, would remain open.

Joann — known as Jo-Ann Fabrics until 2018 — has been one of the remaining options for craft lovers and makers who want to shop for supplies in person.

In November 2019, New Jersey-based A.C. Moore shut down all of its stores, including 18 in NJ.

At the time, the parent company said a few dozen locations would reopen as Michael’s stores.

Read More: Empty NJ store will get new Nordstrom Rack location

As of March, there were over 800 Joann stores nationwide, including 11 in New Jersey —

🔸 Cherry Hill
🔸 Colonia
🔸 Deptford
🔸 Lawrenceville
🔸 Mays Landing
🔸 Mount Laurel
🔸 Paramus
🔸 Riverdale
🔸 Shrewsbury
🔸 Succasunna
🔸 Toms River

Joann has been in business for 80 years and also has a “robust e-commerce business,” according to the company.

There have been other companies with Chapter 11 success, still represented in NJ.

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