Joann, a prominent fabric and craft retailer, is shutting down its approximately 800 stores across 49 states after two bankruptcy filings in less than a year. Despite a brief surge in sales during the pandemic due to DIY trends, the company struggled against online rivals and competitors like Hobby Lobby and Michaels. Joann's filing for bankruptcy in January led to a reported sale to the GA Group, which intends to liquidate operations. Gift card acceptance will continue until Feb. 28, but returns and discount programs are halted as the company initiates liquidation sales.
The more than 80-year-old chain formerly known as Jo-Ann Fabrics had been struggling financially for several years following a DIY-driven uptick in sales during the early days of the pandemic.
In connection with this agreement, subject to Bankruptcy Court approval of the transaction, the winning bidders plan to begin winding down the Company's operations and conduct going-out-of-business sales at all store locations.
Collection
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