Joann, a major retailer of fabrics and crafts, announced all of its stores would be closing pending approval of a bankruptcy court.
"Following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent, has been selected as the winning bidder to acquire substantially all of JOANN’s assets," the retailer said in a statement.
As part of the agreement, the winning bidders plan to conduct going-out-of-business sales at all store locations, Joann said.
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Joann has been in business for more than 80 years — with more than 800 locations nationwide.
In 2024, the retailer announced a plan to file for bankruptcy and seek financing to keep all of its stores open. However, it changed course and said it would seek a buyer and close 500 underperforming locations. Ultimately, it appears Joann was unable to save any stores.
"We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders," Joann said. "We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”
