Fifty-eight-year-old fabric and craft retailer Joann filed for bankruptcy for a second time in less than a year, announcing it would close all its stores. The company’s assets were sold to financial services firm GA Group along with a lender in an auction, with plans to wind down operations and hold going-out-of-business sales.
Joann had previously closed 500 of its remaining 800 locations as part of the bankruptcy process. The decision comes after the company cited “significant and lasting challenges” in the retail environment, constrained inventory levels, and reduced debt.
GA Group’s acquisition includes “substantially all of JOANN’s assets,” pending court approval. Closing sales are set to begin immediately. Suppliers had been told to generally stop purchasing goods, with Joann noting that essential items were needed for a smooth wind-down.
The closure will be a significant blow to customers like Stacey Brumfield, who has relied on the chain for over a decade due to its extensive selection of yarns and fabrics.
Source: https://www.nytimes.com/2025/02/24/business/joann-stores-closing.html