Fabric and crafts retailer Joann Inc. The announcement comes after the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection in January, the second time in a year. It cited sluggish consumer demand and inventory shortages. At the time it vowed it would keep all of its stores open. But earlier this month, Joann said it planned to close stores β or more than half of its nationwide footprint. The company said on Sunday that after a recent auction, financial services company GA Group, together with Joann's term lenders, were selected as the winning bidder to "acquire substantially all of Joann's assets" and would begin winding down the company's operations and conduct going-out-of-business sales at all store locations.
The company said in a question-and-answer section on its website devoted to its restructuring that the stores, Joann. The retailer said that the dates for store closures or changes to the website will be posted as soon as possible, and it said it expects it will take a "number of weeks to complete our final sales. Joann previously sought Chapter 11 in March and later emerged as a private company. But after operational challenges continued to pile up, Joann filed for bankruptcy again in January.
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