Joann Inc., a well-known fabric and crafts retailer, is closing all its stores after filing for Chapter 11 bankruptcy protection for the second time in a year. The company, based in Hudson, Ohio, cited ongoing issues such as sluggish consumer demand and inventory shortages as key factors. Previously, Joann had committed to keeping all stores open and only planned to shut down over 500 locations. After a recent auction, GA Group emerged as the winning bidder to acquire Joann's assets, initiating liquidation sales across all stores and online platforms.
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.
GA Group, together with Joann's term lenders, were selected as the winning bidder to acquire substantially all of Joann's assets and would begin winding down the company's operations.
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