Bankruptcy and Sale Process
, a major crafts retailer, filed for bankruptcy in January, marking its second bankruptcy in as many years, and initially planned to close 500 of its 800 locations while selling off 300 stores.
GA Group, which took control after the bankruptcy, initiated "going-out-of-business" sales across all stores, offering discounts of 70%-90% on products.
Final Closure and Liquidation
By the end of May, over 440 Joann locations will have closed, with the remaining stores ceasing operations by the end of the week. The company stopped accepting gift cards in late February.
Joann's efforts to find a more favorable outcome to keep the company in business were unsuccessful, leading to the liquidation of store equipment and inventory.