Joan, a store that serves sewing fans, is expected to close forever.
Fabric retailers have been set to close all sites after the new owner wins a critical step in the company’s bankruptcy proceedings, the company said it issued an email statement. Already, the chain was aiming to close around 500 sites, including at least five in the Tampa Bay Area.
“Following the comprehensive sales process and auction, GA Group, along with pre-measuring term loan agents, was selected as a bidder to acquire a significant amount of Joanne’s assets,” the company said. “In relation to this agreement, subject to the Bankruptcy Court’s approval of the transaction, the bidder plans to abolish the company’s operations and to make out-of-business sales at all stores.”
For over 80 years, Joann has sold craft-oriented customer items such as fabrics, sewing machines, and thread. But like many other retailers, the casualties of changing taste and competition have fallen. That includes Michaels from Irving. Other chains have trimmed stores, but Macy’s, Advance Auto Parts, and JCPenney aren’t necessarily going to shut down completely.
Joanne’s leadership said “every effort has been made to pursue a more favorable outcome that will keep the company in business.”
“We are committed to working with successful bidders constructively to ensure orderly operations that minimize the impact on all stakeholders,” the company said.
