Bankrupt arts and crafts retailer Joann will close all of its stores, after its restructuring plans faltered and a liquidator agreed to buy its assets. Why it matters: Joann had about 800 stores and 19,

The announcement that the chain would close all 800 of its stores in 49 states comes after a period of financial turmoil.

Fabric chain Joann is going out of business and closing all 800 stores, marking the end of an 82-year-old company that was once the leading destination for DIY and crafts enthusiasts.