Today is a sad day for sewing enthusiasts. Fabric and craft retailer Joann announced that it is shuttering all of its approximately 800 locations.
Earlier this month the company announced plans to close 500 of its U.S. stores, including five in Northern Virginia. The Hudson, Ohio-based retailer announced it is now closing all stores after it failed to find a buyer for the company. It recently sold its assets at auction.
On its website, the company announced that, “Following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent, was selected as having the winning bid to acquire substantially all of Joann’s assets. Subject to court approval of the transaction, the winning bidders plan to wind-down ongoing operations and conduct going-out-of-business sales at all Joann locations.”
Joann filed for Chapter 11 bankruptcy protection last year and vowed to change its capital structure. But the company continued to struggle, and filed for bankruptcy again in January.
The company’s Customer FAQ notes that going-out-of-business sales are beginning immediately. The stores are no longer accepting returns, and shoppers have until this Friday, February 28, to use store gift cards.
Feature image, adobe.stock.com
