Joann, a leading fabric and craft retailer in the US, was founded in 1943 in Cleveland, Ohio. Today, it has over 860 stores nationwide.
The company began as a small family business called the Cleveland Fabric Shop and later became known as Jo-Ann Fabrics in 1963. It went public in 1969 and expanded by acquiring other fabric chains.
In 2010, Joann was purchased by Leonard Green & Partners and went private. It rebranded as "Joann" in 2018 to reflect its growing focus on crafts beyond fabrics.
During the COVID-19 pandemic, Joann faced criticism for keeping its stores open despite health concerns, but it benefited from increased demand for masks and do-it-yourself projects.
Recently, the company went public again in 2021 but is now facing financial challenges and has announced workforce layoffs. Fitch Ratings and CreditRiskMonitor believe Joann may be at risk of filing for bankruptcy.