ASHEVILLE, N.C. (828newsNOW) — If local JOANN stores are on your list of stops when working on a project, your shopping habits are about to take a hit.
Almost a month after filing for Chapter 11 bankruptcy protection, fabrics and craft retailer JOANN is preparing to close more than half of its roughly 800-850 stores.
“It’s very sad. I feel like I’ve got to stock up,” a customer at the Asheville store said.
On Feb. 12, 2025, JOANN filed a motion seeking court authority to begin closing about 500 stores nationwide. According to lists posted online, six of the stores eyed for closure are in North Carolina — Asheville, Hendersonville, Goldsboro, Morganton, Mooresville and Rocky Mount.
“It’s sad because the other stores around here don’t have all the stuff we do,” an employee at the Asheville store said, speaking on the condition of anonimity.
The retailer first filed for Chapter 11 in March 2024. In its bankruptcy filing last month, JOANN blamed inventory issues that were “acute and unexpected.”
“Since becoming a private company in April, the Board and management team have continued to execute on top and bottom-line initiatives to manage costs and drive value,” interim Chief Executive Officer Michael Prendergast said in a Jan. 15 news release. “However, the last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step. After carefully reviewing all available strategic paths, we have determined that initiating a court-supervised sale process is the best course of action to maximize the value of the business. We hope that this process enables us to find a path that would allow JOANN to continue operating as a going concern.”
According to the Jan. 15 news release, the company has asked the court for approval to begin the process of selling substantially all of its assets with Gordon Brothers Retail Partners, LLC serving as the “stalking horse” bidder.
A stalking horse bidder is an initial bid for a bankrupt company’s assets. The bid sets the minimum price other bidders can offer. The assets are then opened up to other bidders, who must make a higher bid to succeed in buying them.
“The Company continues to actively solicit alternate bids. If other qualified bids are submitted during the court-supervised sale processes, the Company plans to conduct an auction or auctions, with the stalking horse bid setting the floor for the auction processes,” the news release said.
It’s unclear when JOANN will close the stores.
If you’re looking to purchase fabric in the Asheville area, here are some other stores you might consider:
- Foam & Fabrics Outlet, 3049 Hendersonville Highway, Fletcher
- Asheville Cotton Co., 1378 Hendersonville Road, Asheville
- 5 Little Monkeys Quilt & Sew, 305 Weaverville Road, Weaverville
- Over The Selvage, at 876 New Leicester Highway, Asheville 217 Coxe Ave., Asheville
- Spiritex, 14 Haywood St., Asheville, NC
- Dreaming of the Sea Fabrics, 178 Weaverville Road, Woodfin
- Beginnings Quilt Shop, 1038C Greenville Hwy, Hendersonville
- Hobby Lobby, Weaverville and Arden
