Joann Inc., the fabric and crafts store known for serving quilters, knitters, and craft enthusiasts for over 80 years, is ceasing operations and closing all of its locations.
This announcement follows the Hudson, Ohio-based company’s Chapter 11 bankruptcy filing in January, its second in a year. The company cited weak consumer demand and insufficient inventory as reasons for the filing, while initially stating that all stores would remain open.
However, earlier this month, Joann indicated a different course. On Sunday, the company announced that GA Group, a financial services firm, along with Joann’s term lenders, had won an auction to “acquire substantially all of Joann’s assets.” As a result, the company will begin closing down its business and holding going-out-of-business sales at every store location.
According to the company’s , stores, Joann.com, and the mobile app will continue to operate during the liquidation sales.
The retailer will announce store closure dates and website changes as soon as possible, anticipating that final sales will take “a number of weeks.”
Joann had previously and then re-emerged as a private entity. However, ongoing operational difficulties led to the company’s second bankruptcy filing in January.
In a statement on its website, Joann stated, “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. We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders.”