25.02.2025 11:31
One of the world's most famous fabric and craft companies, Joann, has declared bankruptcy. In a statement, it was announced that all stores belonging to the company will be closed.
For over 80 years, Joann, a fabric and craft retailer that has been a go-to destination for knitting enthusiasts and craft lovers, has decided to enter bankruptcy proceedings and close all its stores.
BANKRUPTCY AND STORE CLOSURE PROCESS HAS BEGUN
The company, based in Hudson, Ohio, filed for Chapter 11 bankruptcy protection for the second time in a year in January. Struggling due to a decline in consumer demand and inventory shortages, Joann had announced at that time that it would keep all its stores open. However, earlier this month, it revealed plans to close more than half of its nationwide stores.
COMPANY'S ASSETS ARE BEING SOLD
In a statement made on Sunday, it was noted that financial services firm GA Group was the winning bidder to acquire Joann's assets significantly. The company will begin to completely wind down its operations and will conduct liquidation sales at all its stores.