On February 23, Joann announced that GA Group and Prepetition Term Loan Agent will buy the craft retailer. The winning bidders have already begun "winding down the Company's operations and conduct going-out-of-business sales at all store locations," according to Joann.
The news comes just a week after Joann began closing down 500 of its 800 locations nationwide as part of the fabric retailer’s Chapter 11 bankruptcy process which began on January 15. The closures follow a wave of store closures expected this year. In January, Macy’s said it’s closing 66 stores this year while Kohl’s has plans to close 27 locations.
While the loss of Joann Fabrics is a painful one for crafters nationwide, the going out of business sales are an unbeatable opportunity to stock up on all your favorite supplies at a bargain. Right now, the retailer is offering up to 40% off storewide and discounts may get even deeper as the weeks go on. So, now is the time to find your nearest Joann's store and take advantage of deep discounts during the going-out-of-business sales.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Why is Joann going out of business in 2025?
Over the last 80 years, Joann has been the go-to store for crafters, quilters, crocheters, and other creative people to find supplies and guidance for whatever project they’re working on. But the company has struggled in recent years as consumer spending on craft supplies dropped and competition from online retailers grew.
In its court filings, Joann cited “an unexpected ramp-down, and, in some cases, the entire cessation of production of key JOANN inventory items” as a key reason for its decision to file for bankruptcy. The sudden loss of inventory led to a loss of revenue which left Joann without the cash needed to cover its debts.
The initial decision to close 500 of its 800 locations was part of an effort to maximize the value of the business as Joann prepared to sell. While it hoped to attract a buyer that would keep the remaining business in operation, the auction ultimately went to a buyer that is liquidating the business and closing down all store locations.
Alternatives to Joann’s Fabric Stores
While Joann’s stores have been a staple for crafters over the last few decades, it’s not the only option for stocking up on yarn, fabric, and other creative supplies. Two of its biggest competitors are Michael’s and Hobby Lobby, both of which boast over 1,000 locations nationwide. You can also search for local stores near you specializing in your favorite craft. Local yarn stores, for example, often carry specialty products and may be willing to special order your favorite materials.
While the brands these competitors carry may differ from Joann's, shoppers can still find plenty of stock to choose from for just about any project they would have originally gone to a Joann’s Fabric Store for.
Aside from craft-focused retailers like Michael's and Hobby Lobby, shoppers can also try their luck at Amazon and Walmart. Both retail giants offer a broad range of craft supplies online. Just double check prices, because sometimes items like yarn or paint are actually more expensive on Amazon than they are at a craft store.
Shop going out of business deals before Joann's stores close
Before you head to one of these competitors, check out the going-out-of-business sales at your local Joann’s store and online. The retailer is offering up to 40% off items storewide, and items are flying off the shelves.
That means these coming weeks could be your best chance to stock up on all your favorite arts and crafts supplies at steep discounts.
If you want to get a head start on the deal hunt, you can check out Joann’s sale and clearance section on the website.
The best yarn and needle arts deals
Fiber artists can take home some serious yarn hauls this month by shopping Joann’s sale and clearance section. Here are some of the best deals on yarn, needles, hooks, and other essentials.
- Caron Colorama Halo Perfect Phasing 1059yds Bulky Acrylic Yarn: $17.99, was $23.99
- Lion Brand Mandala 1181yds Light Weight Acrylic Bonus Bundle Yarn: $12.74, was $16.99
- Totally Tweed 295yds Worsted Acrylic Blend Yarn by Big Twist: $6.74, was $8.99
- Hardicraft 8" Bobbi Bear Crochet Kit: $18.74, was $24.99
- Resin Crochet Hooks by Big Twist: $7.49, was $9.99
- 9" Single Point Knitting Needle by Big Twist: $9.74, was $12.99
Joann's best sewing deals during the going out of business sale
Whether you need to restock on thread and scissors or you’re overdue for a sewing machine upgrade, you can find some major doorbuster deals during Joann's going out of business sale. Shop Joann’s sales on sewing supplies or sewing machines yourself or check out some of our favorite deals below.
- Janome Memory Craft 6650 Sewing & Quilting Machine: $1,799.99, was $2,999
- Brother PE900 Embroidery Machine with Artspira App: $999.99, was $1229.99
- Fiskars 24X36 Cutting Mat: $48.74, was $64.99
- Gingher Serrated Knife Edge Dressmaker's Shears 8": $41.24, was $54.99
- Fiskars 45 mm Loop Rotary Cutter: $22.49, was $29.99
Top going out of business deals on Joann's art supplies
From drawing pads and brushes to fabric paints and canvases, shoppers can save up to 40% on essential art supplies. This is your sign to try your hand at painting or stock up on gifts for your artistic friends.
- 200ml Acrylic Paint by Artsmith: $3.24, was $6.49
- Crayola Washable Kids Paint 2oz 6 Pkg Classic: $6.99, was $9.99
- Canson XL Watercolor Paper Pad 9"X12": $10.39, was $12.99
- 47ct Watercolor Introductory Set by Cupixel: $26.99, was $29.99
- Cupixel Acrylic Paint Canvas 25 Pc Set: $44.99, was $49.99
Related content
-
Financial Security vs Financial Freedom: What's the Difference?Having the ability to pivot without worrying about financial support is where financial security becomes financial freedom.
-
Retired and Worried About a Recession? Six Ways to PrepareRetirees can plan for a near-term recession with a range of strategies, from small investment changes to significant lifestyle hacks.
-
Amazon Haul Online Is Here – Shop Under $20 Deals Without the AppThe Amazon storefront where everything costs $20 or less is now available online.
-
Lowe's Stores Closing All Locations for 24 HoursLowe's will close all of its retail locations and contact center for one day in April.
-
Trump's Tariffs Could Make Your Favorite Clothing Brands More ExpensivePresident Donald Trump announced tariffs on imported goods from a litany of countries. See how these tariffs will impact your favorite clothing line.
-
GameStop Is Closing More Stores — Here’s Where to Shop InsteadAs GameStop closes more locations, here’s how to score similar deals on games, consoles and collectibles at other major retailers.
-
How Much You Could Save on Gas with Costco, Walmart and Other MembershipsGas prices jumped 10 cents this week. Compare gas savings perks and see how much you’d save with Costco, Sam’s Club, BJ’s, Walmart Plus and Amazon Prime.
-
Kohl’s to Close 27 Stores in March 2025 — Is Your Location on the List?Kohl’s is closing 27 stores this Saturday as part of its 2025 restructuring plan. Find out which locations are affected and why they’re closing.
-
Costco’s 4.5-Pound Tiramisu Cheesecake Might Be Your New Favorite DessertIf you haven’t visited your local Costco bakery to check out the Kirkland Signature Tiramisu Cheesecake, you'd better get there early, they are flying off the shelves.
-
Klarna Buy Now, Pay Later Is Coming to a Walmart Checkout Screen Near YouHow buy now, pay later options at Walmart could get easier after the retailer traded Affirm for Klarna.
