"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."
"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."
Joann Inc., a well-known fabric and crafts retailer, has announced its decision to close all store locations after filing for Chapter 11 bankruptcy for the second time. Once a beloved destination for crafters, the company faced sluggish consumer demand and inventory shortages, leading to its planned closure of over half its stores. Following a recent auction, GA Group and Joann's lenders will acquire its assets and begin liquidating inventory. The company affirmed that its website and mobile app would operate during going-out-of-business sales, and an official timeline for closures will be released soon.
Read at ABC7 San Francisco
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