As part of a nationwide downsizing initiative amid bankruptcy, Joann will close her Margate store
Margate, Florida – The fabric and craft retail business Joann has revealed plans to close its Margate branch along with more than half of its locations across the United States, so local crafters may need to stock up on supplies.
This Monday, the company announced that it will close “approximately 500” of its approximately 850 stores across the country.
The Joann store, located in Margate at 3340 NW 62nd Ave in the Coral Landings III shopping center, just south of Coral Springs, is one of the establishments on the closing list.
This action comes after the business filed for bankruptcy twice in less than a year.
In March 2024, Joann became private after first declaring bankruptcy, and it has since started the process of reorganizing its business.
“JOANN has filed a motion seeking court authority to begin closing approximately 500 stores across the nation as part of the ongoing Chapter 11 process and our efforts to maximize the value of the business,” the company stated in a statement. “Given the significant impact we know it will have on our Team Members, our customers, and all of the communities we serve, this was a very difficult decision to make.”
Joann reassured clients that although many stores will close, others will stay open and carry on with business as usual.
According to recent data from research firm CoreSight and reporting from CBS News, U.S. retailers, including Family Dollar and CVS Health, announced more than 7,100 store closures through the end of November 2024, a 69% increase over the same time last year.
