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Joann, the fabric and craft retailer, is set to close all locations after being auctioned off to a new ownership group. Following its second Chapter 11 bankruptcy filing within a year, the company’s assets were acquired by retail liquidator GA Group and Joann’s term lenders. The Hudson, Ohio-based retailer announced that it will shut down operations after conducting going-out-of-business sales at all stores. The auction results are expected to be approved during a hearing in the US Bankruptcy Court for the District of Delaware. Joann had already begun liquidation sales at approximately 500 of its more than 800 locations, but now all stores will participate. Most locations will remain open until the end of May as sales continue. GA Group, which has a long history with Joann, plans to implement a multimillion-dollar retention plan to assist the company’s 19,000 employees in transitioning to new jobs. The company stated that it will ensure an orderly wind-down while minimizing the impact on stakeholders. Customers can expect base discounts of 10-20%, with some holiday items marked down as much as 75%.
The announcement comes after Joann filed for Chapter 11 bankruptcy protection in January, the second time in a year. At the time it vowed it would keep all stores open.
