Fabric and craft retailer Joann has announced the closure of approximately 500 stores across the nation, marking a significant shift for the company after its recent bankruptcy filing. For loyal customers, especially those holding Jo Ann Stores Gift Cards, this news brings uncertainty. While Joann navigates these financial challenges, it’s crucial to understand the implications for shoppers and their gift cards. This article breaks down what you need to know about using your Joann gift cards amidst the store closures.
Understanding Joann’s Financial Situation and Store Closures
In March 2024, Joann filed for bankruptcy, citing substantial debt between $1 billion and $10 billion. The company attributed its financial strain to increased expenses from international shipping and a decrease in consumer demand. Initially, plans were to keep stores operational during the bankruptcy process. However, as of January, Joann initiated Chapter 11 proceedings to facilitate a sale, indicating a more serious restructuring. The company stated that “right-sizing our store footprint is a critical part of our efforts to ensure the best path forward.” This “right-sizing” translates to the closure of a significant number of locations, impacting communities nationwide. While the full list of closing stores is available here, closures are widespread, affecting states like California, Florida, Illinois, and many others.
Joann Stores Gift Card Policy During Closures
For customers with jo ann stores gift cards, there is some good news amidst the closures. Joann has confirmed that gift cards are still being accepted. However, there’s a crucial limitation: Joann gift cards can currently only be used for in-store purchases. This means you cannot redeem your gift cards for online shopping on the Joann website. As going-out-of-business sales are expected to commence and potentially last for months, this provides a window for customers to utilize their gift cards.
Key Information for Shoppers with Joann Gift Cards
Given the circumstances, it’s advisable for customers holding jo ann stores gift cards to take note of the following:
- In-Store Use Only: Remember that gift cards are restricted to in-store redemption. Online purchases are not eligible for gift card payments at this time.
- Act Sooner Rather Than Later: With store closures underway, the availability of specific items may decrease, and ultimately, stores will close permanently. It’s recommended to use your gift cards sooner rather than waiting.
- Check the Store Closure List: If you have a preferred Joann location, verify if it is on the store closure list to plan your in-store visit accordingly.
- Going-out-of-Business Sales: These sales can offer attractive discounts, providing an opportunity to maximize the value of your gift card. However, popular items may sell out quickly.
Joann’s situation reflects a broader trend in retail, as other major chains like Party City and Macy’s have also announced store closures. For Joann customers, especially those with gift cards, staying informed and acting promptly is key to making the most of the available options during this transition. While the future of Joann stores is evolving, understanding the current gift card policy allows shoppers to confidently use their jo ann stores gift cards in-store.
