The Joann Fabric store in Jackson Township is closing along with all its other stores, pending bankruptcy court approval, the Hudson-based company announced Monday on joannrestructuring.com.
The chain had said on Feb. 12 that it would close about 500 stores nationwide, including 33 in Ohio. The store at the Belden Park Crossing shopping plaza in Jackson Township wasn’t on the original closure list, but now will be shuttered with all the other stores.
The company said it will begin going out of business sales at its locations.
The announcement follows the acquisition of Joann by financial services company GA Group and Joann’s term lenders, which was announced Saturday. A formal court hearing approving the results of the auction that occurred on Friday and Saturday is scheduled for 2 p.m. Wednesday in Joann’s Chapter 11 bankruptcy case in a Delaware U.S. bankruptcy court.
Term loans are payments of lump upfront cash sums to borrowers who agree to specific terms, such as following a repayment schedule that includes interest payments, according to Investopedia.
“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 prepared 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.”
Customers can purchase discounted Joann items at its stores, on joann.com and on the Joann mobile app, according to joannrestructuring.com.
This is a developing story.
Patrick Williams covers growth and development for the Akron Beacon Journal. He can be reached by email at [email protected] or on X, formerly known as Twitter, @pwilliamsOH.
This article originally appeared on The Repository: Joann Fabric closing all stores including Jackson Township location
