(Beaver Dam) A craft store in Beaver Dam has been marked for closure. Joann Fabric, located at 1645 North Spring Street, is one of several Wisconsin stores that will be closing.
The business filed a motion on Wednesday seeking court authority to begin closing roughly 500 of its approximately 850 stores across the country. Other local stores that will see their doors shut include Fond du Lac and Watertown.
Joann filed for bankruptcy last March after the company secured around $132-million-dollars to put towards its $1-billion in debt. In January, Joann filed for Chapter 11 bankruptcy.
Company officials say closing nearly 500 stores was a difficult decision to make, given the major impact they know it will have on their team members, their customers, and all the communities they serve. They add that a careful analysis of store performance and future strategic fit for the company determined which stores should remain operating as usual at this time.
