Fabric and craft retailer Joann is set to close its more than 800 stores.
Joann set to close all store locations under new ownership
Joann, the fabric and craft retailer, is set to close all locations after being auctioned off to a new ownership group.
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The auction results that put Joann’s assets under new leadership have been approved in federal bankruptcy court, paving the way for the fabric and craft retailer to close all store locations by the end of May.
The hearing to confirm the winning bid happened on Wednesday in the U.S. Bankruptcy Court for the District of Delaware after retail liquidator GA Group and Joann’s term lenders made the winning bid for the Hudson, Ohio-based retailer on Saturday.
On Monday, Joann announced that it would be closing all of its more than 800 stores following the sale of its remaining assets and the retailer’s second bankruptcy filing within a year.
“JOANN leadership, our Board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,” the company said in a statement about the closures. “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.”
GA Group: Closing Joann stores could remain open until May
Scott Carpenter, CEO of GA Group’s Retail Solutions and Wholesale & Industrial Solutions teams, said most of the closing Joann stores would stay open until the end of May, as reported by the Akron Beacon Journal, part of the USA TODAY Network.
“We will help (Joann) close these stores with empathy, professionalism and efficiency,” Carpenter said.
The newly formed GA Joann Retail Partnership group competed with stalking horse bidder Gordon Brothers Retail Partners for ownership of Joann over the weekend.
Carpenter also said the GA Group and Joann go way back with them assisting the retailer in buying its former competitor, House of Fabrics, in the late 1990s. She also noted that the GA Group helped increase Joann’s store footprints from 2006 to 2016.
USA TODAY contacted the GA Group who referred to Carpenter’s comments.
Going-out-of-business sales start
Joann said it was set to begin going-out-of-business sales at all locations immediately after the sale was approved in court.
“Only inventory available on-site at those stores will be part of the closing sales,” the company previously said in a news release.
Information about specific discounts was not available online, but some Joann stores told USA TODAY last week that base discounts ranged between 10-20%, with some Christmas products being discounted as high as 75%.
Gift cards will be accepted at all Joann stores through Feb. 28, the company said.
Joann locations list: See if a store is closing near you
The database below contains cities with at least one Joann location, per the retailer’s website. Search the name of your city or state to see if a Joann store is closing near you.
Contributing: Fernando Cervantes Jr., Mary Walrath-Holdridge, Maria Francis, Jim Sergent and Gabe Hauari
