OHIO — Just a few weeks after announcing hundreds of store closures nationwide, Ohio-based craft retailer Joann said it’s shuttering all of its stores.
Joann made the announcement on its restructuring website, saying it plans to begin going-out-of-business sales at all locations, pending bankruptcy court approval.
“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,” the company released in a statement. “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. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”
The announcement was made after the financial services company GA Group, along with the Prepetition Term Loan Agent, acquired Joann through an auction. A final sale hearing has been scheduled for Wednesday in bankruptcy court.
Joann said it plans to start going-out-of-business sales immediately. It’s not accepting returns or gift cards, the company stated.
The announcement comes after the company announced on Feb. 12 that it was closing about 500 stores nationwide due to restructuring since the company had to file for bankruptcy for a second time.