after the fabric and craft retailer was auctioned off to a new ownership group.
Joann is now set to close all of its store locations after previously announcing the closure of “approximately 500.”
After filing for Chapter 11 bankruptcy for the second time within a year, Joann’s remaining assets were put up for auction. Retail liquidator GA Group and Joann’s term lenders won the bidding for the struggling company on Saturday.
According to federal court records, the auction results are expected to be formally approved during a hearing on Wednesday in the U.S. Bankruptcy Court for the District of Delaware.
Last week, Joann began its going-out-of-business sales at the roughly 500 stores that were already set to close. Now, the sales are set to be rolled out across all locations.