Joann, the fabrics and traditional retailer who has delivered Quilters, seamstress and school projects for 80 years, announced that it would close all his stores in the final chapter of Financial Tumult for the company.
The company's assets were auctioned on Friday, about a month after Joann had requested a bankruptcy of Chapter 11 for the second time in less than a year. Joann announced earlier in February that it would close 500 of his remaining 800 stores as part of the bankruptcy process.
The winning bidder in the auction, the financial service provider GA Group, together with a lender, “substantially achieved all the assets from Joann,” according to a press release from Joann. GA GROUP is planning to complete the activities of the company and to carry out the sale of companies in all stores, awaiting the bankruptcy, the company said.
Joann said in a statement that her leadership “made every possible effort to pursue a more favorable result that the company would keep.”
Joann, which was previously called Jo-Ann Fabrics, is located in Hudson, Ohio. The shopping fronts of the chain in 49 states have long been a standby for creative artisans and offer an abundance of colorful yarns and fabric roles that filled entire aisles, as well as sewing machines, seasonal products and other craft supplies.
In March 2024, Joann, then a listed company, submitted bankruptcy to reduce debts and returned to private ownership. The company attributed its low sale to a challenging store environment. That first application concluded in August 2024.
The retailer continued his downward spiral in the following months. When the company announced earlier in February that it would close more than half of its stores, Joann said in a statement that it had to do with 'important and lasting challenges in the retail trade, which, in combination with our current financial position and limited Stock levels, have forced, we forced to take this step. “
The timeline for store closures and the closing of the activities was not yet clear, although Joann said that the closing sale would start immediately. Joann said in a note against suppliers that “it had generally stopped buying goods and services, except for those who think it is essential to support an orderly outcome of operations.” Go Group did not immediately respond to a request for more information on Monday.
Many craftsmen at home, such as Stacey Brumfield, 38, from Alexandria, La., Were saddened by the news of the closures. Mrs. Brumfield has been shopping at her local Joann for almost ten years, because the store is the only one in the neighborhood that she needs the yarn that she needs for her knitting and crocheted projects.
“Whatever you needed, they probably had it, and it would be the quality you wanted,” she said, adding that finding the products she usually bought there “would be much more difficult.”
