Joann fabric stores will shut down all of its locations after a new ownership group won the auction for the company. The Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy for the second time within a year and put its assets up for auction. Retail liquidator GA Group and Joann’s term lenders won the bidding for the struggling company.
The new owners announced that all stores will be closed after conducting going-out-of-business sales at each location. The closures were previously announced for approximately 500 locations, but the new ownership group plans to roll out the sales across all locations.
GA Group, which has a decades-long history with Joann, plans to help employees find new jobs through a multimillion-dollar retention plan. The company will also grant workers time off to interview for other jobs. Scott Carpenter, CEO of GA Group’s Retail Solutions and Wholesale & Industrial Solutions teams, said that most closing stores would remain open until the end of May.
Joann began its going-out-of-business sales last week at the roughly 500 stores set to close, and now the sales are being rolled out across all locations. The company will not accept gift cards or discounts for certain groups, including Girl Scouts, teachers, military, and healthcare workers. Employees will be offered a retention plan to help them find new jobs.
The new ownership group is working with Joann’s leadership to ensure an orderly wind-down of operations that minimizes the impact on stakeholders. The company plans to work constructively with the winning bidder to complete the closures as efficiently as possible.
Source: https://eu.usatoday.com/story/money/2025/02/24/joann-closing-stores-locations/80022854007