A third of all Joan stores were permanently closed for business in April, with the rest expected to follow in May.
Fabric and Craft retailers announced plans to close all stores in February after filing for a second Chapter 11 bankruptcy within a year to sell the assets. Since then, the company has gradually expanded its sales outside of business, with 112 stores closing on April 28th.
A total of 255 locations were closed in April, according to Jo Anne McCusker, a spokesman for GA Group, a retail liquidator who acquired all of the Joanne chain’s assets through auctions in February.
The retailer has not announced that the rest of the location will soon be closing, but McCusker confirmed in May that the majority of the closures will occur. Here’s what you need to know.
Why is Joann closed?
All Joanne’s store closures come after a Hudson, Ohio-based retailer filed for a second Chapter 11 bankruptcy within a year and auctioned off the remaining assets. On February 22nd, Retail Liquidator GA Group and Joanne’s term lenders won the company’s bid.
When will Joan be officially closed?
Joan announced the closure of more than 500 stores in February, but the dates for each closure vary from location to location.
A total of 255 locations were closed in April, with the rest set for May.
Who is the GA group?
Scott Carpenter, CEO of GA Group’s Retail Solutions, said GA Group has a decades-long history with Joann. Their past work includes helping Joanne buy former competitor House of Fabrics in the late 1990s, helping to increase the retailer’s store footprint from 2006 to 2016.
Carpenter said the new ownership group is planning to roll out a “multi-million dollar retention plan” for Joanne’s roughly 19,000 employees.
See which Joan store closed in April
USA Today is waiting for a response from Joann about which locations will be closing in May.
Contributors: Gabe Hauari, Mike Snider, Fernando Cervantes Jr., Mary Walrath-Holdridge, Maria Francis, Jim Sergent