Fri Feb 28 07:10:00 UTC 2025: ## Joann Fabrics to Close All Stores After Bankruptcy Auction

**Hudson, OH** – Fabric and craft retailer Joann Stores will close all its locations nationwide after its assets were sold at auction following a second Chapter 11 bankruptcy filing within a year. The winning bid was placed by a partnership between GA Group, a retail liquidator, and Joann’s term lenders.

The company announced the closures following the Saturday auction, stating that all stores will conduct going-out-of-business sales. While approximately 500 stores were already slated for closure, this decision affects the remaining locations, bringing the total number of store closures to over 800.

GA Group, which has a long history with Joann, including assisting with past acquisitions and expansion, plans to help facilitate an orderly closure. Scott Carpenter, CEO of GA Group’s Retail Solutions and Wholesale & Industrial Solutions teams, stated that most stores will remain open until the end of May. Going-out-of-business sales began February 15th at the initially slated 500 stores and will now expand to all locations. Discounts are expected to vary, with initial reports suggesting discounts between 10-20%, and higher discounts on certain items. The company has also announced that it will not be accepting gift cards, returns, or employee/customer discounts during this period.

Joann leadership expressed regret at the outcome, stating they explored all options to keep the company afloat. However, they committed to working with GA Group to ensure a smooth closure process that minimizes the impact on stakeholders. GA Group has also pledged a multimillion-dollar retention plan for Joann’s approximately 19,000 employees, including job fairs and time off for job interviews. The auction results are expected to be formally approved on Wednesday in Delaware bankruptcy court.

Read More