Joann has announced it is planning to close all its stores after filing for bankruptcy in January.
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“Following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent, has been selected as the winning bidder to acquire substantially all of JOANN’s assets,” a Joann spokesperson said in a statement.
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The winning bidders plan to “wind down” operations and conduct going-out-of-business sales at all locations subject to Bankruptcy Court approval.
Joann has more than 800 locations nationwide.
The company did not provide a timeline for when these closures will take place.
We will continue to follow this story.
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