A CRAFT retailer’s liquidation sale is in full swing amidst a mass 500-store closure – but shoppers have been given a warning.
Shoppers are rushing out to make the most of the deals before the business vanishes, and have been told to watch out for one specific trap.
JoAnn is currently getting rid of everything following its bankruptcy filing, which The US Sun covered at the time.
The retailer filed for Chapter 11 twice in the space of a year, as changing consumer spending habits and rising costs cripple the company.
Now, JoAnn has warned bargain hunters to keep an eye out for fraudulent websites.
It has also been confirmed on an official Facebook post that the store is no longer accepting online orders due to high demand.
Those who are chasing the mega sales have to do so in store.
The stark warning reminded shoppers of the official website that JoAnn uses, and to ignore any that aren’t that specific web address.
Some wary customers shared their stories of potential scams in the comments of the post.
One person wrote: “Thanks for the warning – I almost fell for one.
“The prices seemed too good to be true until I checked the e-mail and noped out of there.”
Another person shared: “They almost got me. I shopped for 2 hours and had my credit card out to pay then it just hit me! I’m so thankful.”
While some recounted their stories of close calls, others slammed the lack of help in store during the sales.
Another social media user said: “My Joann was empty … of people. Plenty of overpriced fabric at only 20% off with a 3 yard minimum cut.
“We left and went to Hobby Lobby.
“First time I’ve ever said that and also walked out without a cart full of fabric.”
JoAnn is holding the sales now while stocks last.
The store was searching for a buyer at one time, but failed to find one to rescue it from bankruptcy.
How does bankruptcy work?
Bankruptcy is a specific legal process that helps companies eliminate debt they can't repay.
The process allows businesses to start fresh and gain access to new credit.
Supervised by federal courts, bankruptcies allow a company to sell off its assets more easily to pay off creditors, according to Investopedia.
Chapter 11, a common process for companies, is used to restructure a business with the goal of remaining open – even if it means selling off most of the company’s properties.
Chapter 7, on the other hand, sells all of a company’s assets, putting it out of business.
Chapter 15, alternatively, allows for collaboration between American and foreign courts to conduct bankruptcy proceedings with “parties of interest involving more than one country,” per the United States Courts.
It was revealed in recently filed court documents reveal that as the “sale process progressed, and prospective bidders continued to conduct diligence and refine their potential bids, the debtors and their advisors were able to identify a subset of underperforming stores that are unlikely to be considered or included in any going concern bid.”
A spokesperson for JoAnn said: “This was a very difficult decision to make, given the major impact we know it will have on our Team Members, our customers and all of the communities we serve.
“A careful analysis of store performance and future strategic fit for the Company determined which stores should remain operating as usual at this time.
“Right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for JOANN.”
It was added that more stores could be closed as the bankruptcy process continues.
The Ohio based company filed the claim on January 15, 2025, and filed its first one in March 2024.
JoAnn has warned bargain hunters to keep an eye out for fraudulent websitesAlamy Read More Details
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