Joann, the fabrics and crafts retailer, is closing all stores after facing two Chapter 11 bankruptcies within a year. The company auctioned its assets, which were acquired by GA Group. Earlier in 2024, Joann had announced plans to close 500 of its 800 stores due to ongoing financial struggles and a tough retail landscape. Despite efforts to revive its financial situation, conditions forced the company to cease operations, impacting its 49-state presence in the crafting community.
Joann has faced significant challenges in the retail environment and filed for Chapter 11 bankruptcy, leading to the closure of all its stores.
The winning bid from GA Group means all of Joann's assets are set to be acquired, marking a definitive end to the company's operations.
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