I will miss JoAnn's if they indeed close. My store is clean, well stocked and I see employees that have been there for years. Not all stores are the same. Staff changes in some store and so does the quality of the products they sell. Perhaps they will go to an online only company. I would still purchase from them. I get my batting by the roll, spray baste and home decor items at JoAnn's. I used to get muslin by the bolt, but the best quality is no longer available.
JoAnn's is not limited to fabric and sewing but sells crafting materials for everything from candle making to jewelry making to knitting and painting. A loss of this store would be a loss for many craft folks. They are usually at a price point that most folks can afford. I find Hobby Lobby fabric to be of a lesser quality and items like batting are only in smaller cuts in the shop near me. That may be convenient for them but not for me. They get my business for other things, not fabric.