Joann Fabrics has decided not to keep any stores open.
The company announced that it will be closing all stores across the country, including remaining locations in New Jersey.
The fabric and craft retailer announced had previously said it would close approximately 500 out of its 800 stores nationwide.
The company filed for bankruptcy twice within a year, including a second filing earlier this month.
As part of the proceedings, Joann Inc. sold off its assets at auction on Feb. 21 to GA Group.
The winning bidder, GA Joann Retail Partnership, is a partnership between financial services company GA Group and Joann’s term lenders, that will now oversee the complete liquidation of its assets.
“JOANN leadership, our Board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,” a Joann spokesperson said in a statement. “We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”
A formal hearing approving the results of the weekend’s auction will be held on Wednesday.
Most of the Joann’s Fabric stores will remain open until May, according to news reports.
This article originally appeared on Asbury Park Press: Joann Fabrics closing all store; Out of business after bankruptcy sale
