The fabric and craft retailer Joann, which had already announced the closure of hundreds of stores, this week said the chain will shut down completely.
Here’s what’s known about the liquidation process:
When will the stores close?
No date has been announced, and employees also apparently have not been told yet. On social media, staff members reported that the only information they received at an all-hands meeting Monday, Feb. 24, was a basic memo about the results of the bankruptcy auction the previous day.
The memo included the line: “Subject to court approval of the transaction [on Feb. 26], the winning bidders plan to wind down ongoing operations and conduct going-out-of-business sales at all JOANN locations.”
How deep are the…
