(Gray News) – Joann Fabrics is reportedly going out of business and closing all of its stores nationwide.
Just earlier this month, the company said they would be closing 500 stores and leaving 300 open. The announcement came after it filed for bankruptcy in January, the second time it did so in a year.
But on Monday, a report from Bloomberg said that the “asset disposition” GA Group has won an auction to purchase Joann Fabrics and plans to close all stores.
According to another report from Fast Company, GA Group emerged as the winning bidder of the beloved crafts retailer, which will wind down operations after 82 years.
A report from Biz Journals said that most Joann stores will stay open until the end of May and that all products will be discounted for going-out-of-business sales.
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