JoAnn Will Now Close Every Store; Here's What Happens Next

An arts and crafts store that had made headlines in recent weeks with its latest bankruptcy updates is getting ready to close for good this time.

Going Out Of Business Process To Begin Shortly

There was a time before places like Michaels and Hobby Lobby when JoAnn Fabrics (now known as JoAnn) seemed to dominate the art and craft supply game.

With aisles lined with supplies and fabric that you could snip off and take home, JoAnn has been an iconic stop for crafters dating back to the early 1960s. Unfortunately the store is about to be no more.

According to USA Today, JoAnn is now set to close all of is locations after the brand was auctioned off to its new ownership group as part of a Chapter 11 bankruptcy filing. This is the second time within a year that JoaAnn had filed for bankruptcy.

The move comes less than two weeks after the chain announced plans to close a whopping 500 stores across the U.S. That would have still left JoAnn with around 250 stores.

Going-out-of-business sales will begin in the coming days according to the USA Today Report.

Chains That Have Closed Locations In Recent Weeks

JoAnn is the latest chain to suffer from increased competition and rising operating costs, shuttering multiple locations. In recent weeks, we also have seen:

• JCPenney announce it will close underperforming stores.
• Forever 21 on the verge of closing 200 locations.
• Kohl's revealing plans to close 27 stores.

Here is list of which chains have already closed or are still planning to close locations sometime before the end of the year.