Intermittent snow showers, especially early. Low around 25F. Winds NW at 5 to 10 mph. Chance of snow 40%..
Intermittent snow showers, especially early. Low around 25F. Winds NW at 5 to 10 mph. Chance of snow 40%.
Updated: January 18, 2025 @ 8:58 pm
Jo-Ann Fabrics in Williamsport is set to close next month to potentially make way for a new tenant at the TJ Maxx Plaza on East Third Street.
Jo-Ann Fabrics in Williamsport is set to close next month to potentially make way for a new tenant at the TJ Maxx Plaza on East Third Street.
Loyalsock Township, Pa. — An 82-year-old sewing and fabrics retailer has filed for bankruptcy for the second time in a year.
In a statement on Wednesday, a representative for Joann Fabrics said that sluggish sales and inventory has forced the chain to file for Chapter 11 again. Joann first filed for bankruptcy in March 2024. The company emerged from that a month later as a private company and was able to keep all of its stores open.
The company is looking to sell its assets to Gordon Brothers Retail Partners, who would liquidate the business. However, they will stilll continue to consider other bids, according to a release.
A spokesperson for Creditsafe said Joann had an unstable payment history with suppliers in 2024. Early last year, roughly 30% of the company’s bills were overdue. Although that evened out in the middle of 2024, by October the company had overdue bills again with just over 36% showing as 61 to 90 days past due, according to Creditsafe data. Court documents state Joann’s second bankruptcy is largely due in part to receiving unpredictable and inconsistent deliveries of yarn and sewing items from its suppliers, according to Creditsafe. There was not enough on the shelves to keep the stock thst customers wanted.
Joann will continue to serve customers both in stores and online during the court process, according to the release. However, some store closures were announced prior to this week including one in Hermitage.
The Williamsport store, located on East Third Street in the TJ Maxx Plaza, had announced closure last month and began a liquidation sale. The store’s last day is Sunday, Jan. 19. The plaza owner reportedly is not renewing the store’s lease in order to make way for a grocer that will eventually fill the space. Officials have not disclosed which grocer would be moving in. Although rumors circulated that Trader Joe’s would move in, a spokesperson there said there are no current plans to open a store in Williamsport.
Related Reading: Jo-Ann Fabrics at TJ Maxx Plaza prepares to close, new tenant incoming
Other Joann stores in the north central region include a location near Selinsgrove at Susquehanna Valley Mall. Joann currently has more than 800 stores in the United States.
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