We’ve got the latest updates on Joann Stores Closing.
Earlier this month, Joann announced it would be closing 500 of its 800+ stores nationwide. This announcement comes almost a year after filing for bankruptcy. Today, February 24th, Joann has announced they are closing all stores, pending approval of a bankruptcy court.
Effective immediately, returns will no longer be accepted, and gift cards must be redeemed by February 28th.
The GA Group, together with the Prepetition Term Loan Agent, has been selected as the winning bidder to acquire Joann’s assets and will begin going out of business sales at all locations.
Joann had hoped to keep the majority of their stores open, but higher costs from shipping overseas products, plus decreasing consumer demand, caused a significant decrease in revenue.
Check out all the latest info on store closures and other news.
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