Joann, fabrics retailer, to go out of business and close all of its stores

Fabrics and crafts retailer Joann, which has been a destination for generations of quilters, knitters and lovers of crafts projects for more than 80 years, is going out of business and shuttering all its stores. The company said Sunday that after a recent auction, financial services company GA Group, together with Joann’s term lenders, were selected as the winning bidder to “acquire substantially all of Joann’s assets” and would begin winding down the company’s operations and conduct going-out-of-business sales at all store locations. The company said in a question-and-answer section on its website devoted to its restructuring that the stores, Joann.com and the mobile app would remain open and operate as it conducted going-out-of-business sales. The retailer said the dates for store closures or changes to the website would be posted as soon as possible and that it expected it would take a “number of weeks to complete our final sales.” Joann previously sought Chapter 11 in March 2024 and later emerged as a private company. “Joann leadership, our board, advisers and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,” Joann said in a statement posted on its website.