BOZEMAN — Joann Fabric and Crafts has been open for 80 years.
A spokesperson for the company says after filing for bankruptcy, it will shut down all Joann stores and liquidate its inventory through going-out-of-business sales.
“Following a comprehensive sale process and auction, GA Group, together with the Prepetition Term Loan Agent, has been selected as the winning bidder to acquire substantially all of JOANN’s assets. In connection with this agreement, subject to Bankruptcy Court approval of the transaction, the winning bidders plan to begin winding down the company's operations and conduct going-out-of-business sales at all store locations. JOANN leadership, our Board, advisors, and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business. We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers, and communities across the nation for their unwavering support for more than 80 years.”
“My immediate reaction is shock and disbelief because they have been the go-to fabric shop since I don't even know how long,” says Laura Fisher who's a seamstress who owns a the handmade clothing shop Revivall in Bozeman.
“I think this could be a great opportunity for us to start supporting our local businesses and less than the box stores when it comes to sewing,” Fisher says.
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Fisher says textiles can be extremely bad for the environment.
“As much as I love fabric, I am also aware of the impacts it has on the environment, so I buy all of my fabric deadstock, which is leftovers from the industry,” Fisher says.
Fisher has been the 4-H sewing leader for three years; she tells us all 4-H sewing kids get discounts at Joann.
“Joann's always had coupons, they always had discounts, and that was so enticing to shop there, and that's clearly not sustainable if we just watched them declare bankruptcy and go out of business,” Fisher says.
Fisher says there are plenty of local fabric businesses.
“I think it is important for people to know as we start supporting other shops that you are going to be paying a little more but also your quality of fabric, which then turns into the quality of your garment or your quilt, whatever you are working on will also be able to last longer,” Fisher says.
Her bottom line: “They are not going to get the same discounts or price points maybe, but hopefully, it will entice people to understand the value of shopping locally.”
