Joann Inc., the fabric and craft retailer, is shutting down all its stores after filing for Chapter 11 bankruptcy for the second time in less than a year. Initially planning to keep stores operational during restructuring, the company quickly changed direction and announced the closure of 500 locations. A recent asset auction resulted in the GA Joann Retail Partnership winning the bid, which will now oversee liquidation pending court approval. As stores close, Joann will offer discounts, while online shopping remains available until operations cease.
The collapse of the national retail chain marks an end to what was once a dominant force in the fabric and crafting world. Joann had been a go-to retailer for crafters, quilters, and sewing enthusiasts for decades.
As part of the ongoing bankruptcy proceedings, Joann held an auction on February 21 to sell off its assets. A limited liability company called GA Joann Retail Partnership emerged as the winning bidder.
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