This New Announcement Comes After the Crafting Giant Announced the Closure of Approximately 500 of Its 800+ JOANN Stores
NEW YORK–JOANN has announced it will close all of its stores after the fabric and craft retailer was auctioned off to a new ownership group. Earlier this month, JOANN announced the closures of approximately 500 of its more than 800 locations across the United States.
The announcement comes after the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection in January — the second time in a year — where JOANN’s remaining assets were put up for auction. Retail liquidator GA Group and JOANN’s term lenders won the bidding for the company. In collaboration with the new ownership group, the retailer will shut down operations at all stores after conducting going-out-of-business sales at each location. According to Scott Carpenter, CEO of GA Group’s Retail Solutions and Wholesale & Industrial Solutions teams, “most” of the closing JOANN stores will remain open until the end of May.
