On February 23, Joann announced that GA Group and Prepetition Term Loan Agent will buy the craft retailer. The winning bidders promptly launched going-out-of-business sales and finally closed its last remaining locations permanently on May 31.
The news came just a week after Joann began closing down 500 of its 800 locations nationwide as part of the fabric retailer’s Chapter 11 bankruptcy process which began on January 15. The closures followed a wave of store closures expected this year. In January, Macy’s said it’s closing 66 stores this year while Kohl’s has plans to close 27 locations.
