Bankrupt Joann Approved to Shut 500 Stores, Begin Closing Sales

Bankrupt crafts and fabric retailer Joann Inc. is set to begin final sales and closing stores after obtaining court approval on Friday.

Judge Craig T. Goldblatt said he’d enter an order for the closings at a bankruptcy court hearing. The order lists over 500 locations in the “initial closing stores” and authorizes Joann to liquidate more stores free and clear of all liens and claims.

Doing so now allows the company to kick off the sales for the upcoming Presidents Day holiday in the US, potentially maximizing value for creditors due to the increased foot traffic usually seen in retail ...