Joann Fabrics Discontinues Operations in Peru
Rewritten Article
The Peruvian Peru Mall recently has an empty spot, as one of the last anchors, a Joann fabrics store, shut its doors for good.
As of Monday, more than 100 Joann stores, including the fabric store on the south side of the Peru Mall, said their final goodbyes. The Peruvian fabrics store revealed their bankruptcy filing back in March 2024, under Chapter 11 protection[2]. But that wasn't the single blow for this struggling chain. Earlier this year, the parent company, JOANN Inc., declared that as part of the ongoing Chapter 11 bankruptcy process and its persistent efforts to increase their business value, they sought to close approximately 500 stores across the nation[2].
This beleaguered fabric retailer has been grappling with financial turmoil for years, a struggle that's been worsened by rising inflation, consumers tightening their purse strings, and the undeniable allure of online shopping.
Insights from Enrichment Data:
- In January 2025, Joann Fabrics filed for bankruptcy, with the decision to close all 790 locations nationwide announced shortly after[1]. This means that the Peru Mall store is among more than 200 initially slated for closure in April, part of an overall plan to shut down the chain[1].
- The closure of all Joann Fabrics stores will have a ripple effect on employment and operations at each location[1].
- Joann, the struggling retail fabric chain that filed for bankruptcy in March 2024, closed the store in the Peru Mall on the south side, joining more than 100 other stores that shut their doors on Monday.
- The fabric industry has been hit hard by the closure of Joann stores, with the Peru Mall losing one of its last anchors, and the retail business landscape is set to change significantly due to this development in 2024.
- As Joann stores continue to close down, employees face uncertainty about their job security and the future of the business, with the closure of all 790 locations nationwide announced in January 2025 under Chapter 11 bankruptcy protection.
- The financial sector will have to adapt to the shrinking fabric business due to the closure of Joann stores, as these closures may impact local economies in the retail and finance industries in various ways.
