Joann Inc., a Hudson-based retailer, has announced plans to close all of its stores and begin going-out-of-business sales following a bankruptcy filing. The chain had previously disclosed the closure of approximately 500 stores nationwide, with the latest announcement affecting the last remaining location in the Akron-Canton region. The company was acquired by financial services company GA Group, with the court approval pending for the sale.
Customers can take advantage of discounted items in-store, on the Joann website, and mobile app. The winning bid in the bankruptcy auction included a $105 million credit bid, with term lenders paying themselves back using Joann’s assets. The new owners have the option to continue using Joann’s intellectual property but may choose not to. It is anticipated that Joann’s headquarters in Hudson will close as a result of the acquisition.
For more updates on Joann Inc.’s store closures and bankruptcy proceedings, visit joannrestructuring.com.
Attribution:
This article was summarized and republished from the original source.
Please check the original article here: https://www.beaconjournal.com/story/business/2025/02/24/all-joann-fabrics-stores-closing-conducting-sales-pending-court-approval-acqusition-ga-group-lenders/80006080007/.