Joann, the renowned fabric and craft supplies retailer, announced its bankruptcy and sale to the GA Group, initiating going-out-of-business sales across its 800 locations, including 21 in Massachusetts. This follows a decision to close 500 stores after a second bankruptcy filing within a year. While GA Group acquires nearly all of Joann's assets, leadership expressed gratitude towards dedicated employees and loyal customers. The closures reflect broader trends among retail giants, as several major chains also face store closures. The liquidation process is expected to last several weeks as the company winds down operations.
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.
We deeply appreciate our dedicated team members, our customers and communities across the nation for their unwavering support for more than 80 years.
Joann said it was committed to working constructively with GA Group to wind down operations.
The company announced its bankruptcy and sale to the GA Group on Sunday and said going-out-of-business sales would begin at all locations immediately.
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