Joann, the fabrics and crafts retailer that has supplied quilters, seamstresses and school projects for 80 years, announced that it would close down all of its stores in the latest chapter of financial tumult for the company. The company’s assets were auctioned off on Friday, about a month after Joann filed for Chapter 11 bankruptcy for the second time in less than a year. Joann announced earlier in February that it would close 500 of its remaining 800 stores as part of the bankruptcy process. The winning bidder in the auction, the financial services company GA Group, along with a lender, acquired “substantially all of JOANN’s assets” according to a news release from Joann. GA Group plans to wind down the company’s operations and conduct going-out-of-business sales at all stores, pending bankruptcy court approval, the company said.
Source link
