Joann to Close 800 Stores, Shaw's Shutters Two Locations, Hershey Appoints New Growth Officer

Joann Fabrics, an 80-year-old fabric and craft retailer, has announced the closure of all 800 stores nationwide following its second Chapter 11 bankruptcy filing in a year. The closures come after the company was auctioned to GA Group on February 22, 2025. Going-out-of-business sales with discounts of up to 40% are underway, and the process is expected to continue through May 2025. Stores in the Philadelphia region are among those affected. Joann's decision to stop accepting gift cards has led to customer backlash, particularly in states like Maine where laws prohibit expiration of gift certificates. The company has clarified that only in-store inventory will be available for purchase during the closure process. Shaw's Supermarkets, owned by Albertsons, will close two underperforming locations in Gloucester, Massachusetts, and Concord, New Hampshire. Employees at these locations will be relocated to nearby stores. The closures are part of Albertsons' response to the failed $24.6 billion merger with Kroger, which was blocked on antitrust grounds in December 2024. Albertsons has since filed a lawsuit against Kroger, alleging insufficient efforts to secure regulatory approval. The Hershey Company has named Stacy Taffet, a former PepsiCo executive, as its new chief growth officer, reviving a role previously eliminated. Taffet will oversee growth strategies across Hershey's snack portfolio, including brands like Reese's and Jolly Rancher. This appointment follows Hershey's recent hires of Tiffany Menyhart and Andrew Archambault and comes as the company faces rising cocoa costs and prepares for CEO Michele Buck's retirement in June 2026.