Crafts and Fabrics outlet Joann has announced it will close all 800 locations after failing to find a buyer to keep them open.

In the announcement, the company shared that it will hold a nationwide going-out-of-business sale after failing to find a buyer for its stores.

The company 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 deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years,” added the company.

 

Per NBC News:

Fabrics outlet Joann will shutter all of its approximately 800 locations after failing to find a buyer who would keep its stores open.

ADVERTISEMENT

In a statement, the company said it would commence nationwide going-out-of-business sales as a stipulation of the group that won its assets at auction.

“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 said. “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.”

Joann was founded as the Cleveland Fabric Shop by German immigrants during World War II. At one point, it was the largest fabrics retailer in the U.S.

Per NBC 5:

Joann Fabrics and Crafts, which earlier announced the closure of two-thirds of its locations, is now planning to close all remaining stores.

The national craft chain provided an update about its bankruptcy proceedings, saying the GA Group was selected as the winning bidder to acquire the company’s remaining assets.

Subject to Bankruptcy Court approval of the transaction, the winning bidders plan to begin winding down all operations and conduct going-out-of-business sales at all locations, the company said in a customer FAQ on its website.

Those sales are expected to begin immediately following the court approval, Joann said.

Earlier this month, Joann announced it planned to close 500 of its 800 stores nationwide, including three in Vermont and northern New York. Those included the Rutland, Barre and Malone locations.

This is a Guest Post from our friends over at WLTReport. View the original article here.
 

Join The Conversation. Leave a Comment.