Joann Fabrics
PE-Owned1 Documented ImpactLeonard Green's $1.6B leveraged buyout in 2011 loaded Joann with debt it could never repay. Filed bankruptcy in March 2024, emerged briefly, then filed again in January 2025 and liquidated all 800+ stores. ~19,000 employees lost their jobs.
Ownership Information
Joann Fabrics is owned by Leonard Green & Partners. Private equity ownership often leads to cost-cutting, price increases, and reduced quality of service as firms prioritize returns for investors over customers and employees.Learn more about PE ownership impact →
Timeline
Joann Fabrics founded
Acquired by Leonard Green & Partners for $1.6 billion
Joann Fabrics liquidated all 800+ stores after two bankruptcies under Leonard Green
Leonard Green's 2011 LBO loaded Joann with $1.6B in debt. Filed Chapter 11 in March 2024, emerged briefly, then filed again in January 2025. All 800+ stores liquidated. ~19,000 employees lost their jobs. Leonard Green had already extracted significant returns through dividends and fees before the collapse.
Joann Inc. Files for Bankruptcy Again, Plans Liquidation
Reuters →Before vs. After PE Acquisition
Stores
Reported 2025
Before PE
800+ stores
After PE
0 (liquidated)
↓ 100%
Community Reviews
Share your experience →Tracked Locations
AZ (1)
Phoenix
549 Main St
Phoenix, AZ 85001
555-616-2310
CA (2)
San Diego
4816 Main St
San Diego, CA 92101
555-908-5034
San Diego
8838 Main St
San Diego, CA 92101
555-595-3676
IN (1)
Indianapolis
9097 Main St
Indianapolis, IN 46201
555-206-7418
NC (1)
Raleigh
642 Main St
Raleigh, NC 27601
555-235-8059
NY (1)
New York
679 Main St
New York, NY 10001
555-893-2844
OR (1)
Portland
3175 Main St
Portland, OR 97201
555-614-1747
TN (1)
Nashville
573 Main St
Nashville, TN 37201
555-114-9269
TX (1)
Dallas
6930 Main St
Dallas, TX 75201
555-651-3816