by WGME Staff

Thu, February 13th 2025 at 5:54 AM

Joann Fabrics store (WSAW via CNN Newsource)

closures-chapter-11-private-company — Joann Fabrics is in financial trouble and says it will close 500 stores, including three in Maine.

The Waterville, Topsham and Auburn stores are all set to close as the company navigates bankruptcy for the second time.

Seven stores in New Hampshire are also set to close.

The well-known arts and crafts retailer first filed for Chapter 11 in March 2024, but was able to stay afloat after becoming a private company.

• Also read: Is Joann Fabrics and Crafts still accepting gift cards in Maine?

However, it filed for bankruptcy again last month.

The retailer blames this current filing on severe and unexpected inventory issues.