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Joann Fabrics to Close Remaining 36 Locations in Illinois
Joann Fabrics announced it would be closing more than 800 of its locations, weeks after announcing the closure of 500 stores. That includes the 36 remaining stores in Illinois.
Prior to the announcement, the fabrics and crafts company had planned to keep a fraction of its stores open, including 26 of its 36 remaining stores in Illinois. Now, Joann has been sold as the result of its second bankruptcy filing in less than a year to the GA Group along with its prepetition term lender.
The winning bidders plan to wind down Joann’s operations at all store locations, including the 36 locations in the state. “In connection with this agreement, subject to Bankruptcy Court approval of the transaction, the winning bidders plan to begin winding down the Company’s operations and conduct going-out-of-business sales at all store locations,” said Joann in a statement.
The Hudson, Ohio-based retailer filed for bankruptcy a year ago, aiming to restructure its ballooning debt. The company filed for bankruptcy again in January, reporting $615.7 million in debt.
