Fabric and crafts retailer Joann Inc., which has operated for more than 80 years, is going out of business and shuttering all its stores, according to the Associated Press.
The announcement comes after the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection in January, the second time in a year. It cited sluggish consumer demand and inventory shortages. At the time, it vowed it would keep all of its stores open.
Earlier this month, however, Joann said it planned to close 500 stores — or more than half of its nationwide footprint. The company said on Sunday that after a recent auction, financial services company 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 and conduct going-out-of-business sales at all store locations.
The company said that Joann.com and the mobile app will remain open and operate as it conducts going-out-of- business sales, which it expects will take a “number of weeks.”
