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%
Tracked Locations
GA (2)
Atlanta
5332 Main St
Atlanta, GA 30301
555-440-7264
Atlanta
131 Main St
Atlanta, GA 30301
555-584-7839
MN (1)
Minneapolis
5722 Main St
Minneapolis, MN 55401
555-503-7133
NC (1)
Raleigh
801 Main St
Raleigh, NC 27601
555-386-4274
NY (1)
New York
5178 Main St
New York, NY 10001
555-406-2844
OH (2)
Cleveland
6956 Main St
Cleveland, OH 44101
555-884-4341
Cleveland
9215 Main St
Cleveland, OH 44101
555-812-1297
TX (2)
Dallas
9234 Main St
Dallas, TX 75201
555-507-1170
Houston
9648 Main St
Houston, TX 77001
555-205-2201