Joann Fabrics
Leonard 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.
- FOUNDED
- 1943
- ACQUIRED
- Leonard Green & Partners, 2011, $1.6 billion
- IMPACTS
- 1 documented
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Editorial Record
maintained by DeathbyPE. Every claim links to a public source.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
CriticalClosure / BankruptcyLeonard 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
Before / After
Stores
reported 2025
before 800+ stores
after 0 (liquidated)
-100%
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