Joann, a renowned chain of stores specializing in crafts and sewing, will close all its locations in the United States. The company announced its total liquidation after failing to find a solution to remain operational.
The closure depends on court approval but inventory liquidation has already begun in more than 800 stores. GA Group and the company’s lenders acquired the brand in a bankruptcy auction. They will now manage the closure process and asset sale.
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In January, Joann reported having a debt of $615.7 million. The buyers submitted a $105 million credit bid to acquire most of the assets. They…
