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.

Joann's roots date back to 1943, with a single storefront in Cleveland, Ohio. And the retailer later grew into a national chain. Formerly known as Jo-Ann Fabric and Craft Stores, the company rebranded itself with the shortened “Joann” name for its 75th anniversary.