Founded in 1943, Jo-Ann has been a leading fabric and craft retailer for over 80 years. The company filed for Chapter 11 bankruptcy protection for the second time in January 2025. Plans include closing 500 of its remaining 800 locations to "right-size" its footprint. Declining sales, increased competition from online retailers, and changing consumer habits have severely impacted Jo-Ann's profitability. The company's inability to adapt to the digital marketplace has further exacerbated its financial woes.