On the record · Other
Joann Fabrics
Fabric and craft retailer that filed Chapter 11 on March 18, 2024 and emerged on April 30, 2024, when its outstanding common shares were canceled. It filed Chapter 11 again on January 15, 2025. Michaels announced the completed acquisition of JOANN's intellectual property and private-label brands on June 5, 2025.
Also known as Jo-Ann Stores
Research depth
Outcomes researched
Reviewed operating findings or a classified operating outcome are available.
Record updated Oct. 11, 2026
Current ownership
Current owner not established
This record does not identify a current owner. That absence is a gap in the record, not a conclusion about ownership.
1 ownership record has an unresolved current/former status.
Ownership and transaction history
Chronology from recorded ownership periods, transactions and reviewed outcome events. Event order does not imply causation.
May 30, 2025
Operations ceased
Operating outcome
Date not recorded
What happened under and after ownership
Operating outcome
No longer meaningfully operating
Filed a second Chapter 11 in January 2025 and closed all 800-plus US stores by May 30, 2025.
Michaels acquired Joann's intellectual property and private-label brands in June 2025 for use in its own stores; no Joann-branded retail operation continues.
- Founded
- 1943
- Peak headcount
- 23,000
- Cause
- Debt left at exit
- Fast Company · 2025 · all remaining stores closed May 30, 2025
- CNBC · 2025 · Michaels acquired IP and private-label brands, not a Joann retail revival
- Wikipedia · founded 1943 as Cleveland Fabric Shop; ~23,000 employees as of 2021
- Private Equity Stakeholder Project · Leonard Green & Partners (owner 2011-2024) loaded the company with debt rather than investing in it, culminating in over $1 billion in debt at the 2024 filing
- Retail Dive · after the March 2024 Chapter 11, ownership passed from Leonard Green/public shareholders to a group of institutional lenders who swapped debt for equity, ahead
Sources and evidence
Other recorded sources
Public provenance attached to an entity, ownership or bankruptcy record.
- R1The Michaels Companies, Inc. Acquires JOANN Intellectual Property and Private Label Brands
The Michaels Companies, Inc. via PR Newswire · Company announcement · June 5, 2025
Supports: Entity record
- R2JOANN to Remain Open as Company Initiates Voluntary Chapter 11 Process to Maximize Business Value
JOANN, Inc. via GlobeNewswire · Company announcement · Jan. 15, 2025
Supports: Entity record
- R3JOANN Inc. Form 8-K reporting April 2024 reorganization
JOANN Inc. / SEC EDGAR · SEC filing · May 1, 2024
Supports: Entity record
What we do not know
These are gaps in the public record, not findings about the organization.
- No current public ownership assessment has been published.
Help improve this record
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