JOANN filed for chapter 11 bankruptcy Jan. 15. In a Feb. 23 news release, the company announced that all stores will be closing after GA Group and Prepetition Term Loan Agent were selected as the winning bidder to acquire substantially all of JOANN’s assets.
“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,” a release states.
Dates for store closures or changes to the website and app will be communicated as soon as possible, according to the company’s website.
All JOANN stores will remain open while conducting going out of business sales. JOANN gift cards will be accepted through February 28. JOANN will not be accepting returns at this time.
