Craft Chain With 22 Stores in NY, May File Bankruptcy to Cut Debt

A major craft store chain with 850 locations nationwide, including more than 20 in New York, could be filing bankruptcy to cut their debt.

Joann Fabric and craft store may follow in the footsteps of several retailers. Macy's recently filed for bankruptcy and announced the closure of more than 100 stores.

Rite Aid Bankruptcy

Rite Aid is the latest pharmacy chain to close up shop in several states across the country, including New York. 77 More stores are closing in 2024, 12 of them in New York.

Pandemic Hobbies

Craft stores did see a bump in revenue during the pandemic. With people stuck at home, more took up new hobbies, like arts and crafts. But now that everyone is back to work, those new hobbies are just collecting dust.

Joann could file for Chapter 11 bankruptcy as early as next week according to Bloomberg. The company reported a 4% drop in revenue in December.

READ MORE: 2 CNY Family-Run Businesses Closing After 150 Years Combined

If the company, which began in Ohio in 1948, does file for bankruptcy, it won't affect the day-to-day shopper. That is unless the store they've been shopping at closes.

In early 2023, Joann closed several stores, including in Batavia, New York. 4 more closed a week later.

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Joann Fabric has 22 locations in the Empire State and only three in Central New York. One in Fayetteville, another in Clay, and the New Hartford Shopping Center.