Two of the area’s three Joann Inc. fabric and crafts stores are closing as part of the Hudson, Ohio-based company’s plans to close about 500 stores as part of its Chapter 11 bankruptcy filing.
The stores at 6001 Argyle Forest Blvd. in the Argyle Village Shopping Center Southwest Jacksonville and the store at 463877 Florida 200 in the Village of Amelia in Yulee are among those closing.
Joann at 10261 River Marsh Drive in St. Johns Town Center was not on the list.
Joann Inc. filed for Chapter 11 on Jan. 15 in the U.S. Bankruptcy Court for the District of Delaware to sell its business to maximize value.
On. Feb. 12, it filed a motion seeking approval to start closing about 500 of its 800 stores across the county. Court filings said there will be store-closing sales.
In a Jan. 15 news release, the company said it would sell substantially all of its assets.
“Since becoming a private company in April, the Board and management team have continued to execute on top and bottom-line initiatives to manage costs and drive value,” said Michael Prendergast, Joann interim CEO, in the release.
“However, the last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step,” he said.
“... we have determined that initiating a court supervised sale process is the best course of action to maximize the value of the business. We hope that this process enables us to find a path that would allow JOANN to continue operating as a going concern.”
The release said Joann has served sewists, quilters, crocheters, crafters and other creative enthusiasts for more than 80 years. It says it has grown from a single store in Cleveland to become the nation’s leader in sewing and fabrics with one of the largest arts and crafts offerings in 49 states and online.