Beckley, WV (WOAY) – Chain fabric and craft store to shut down all its stores due to bankruptcy.
According to a statement released on Sunday, Joann Fabrics and Crafts confirmed that GA Group, along with the Prepetition Term Loan Agent, has been chosen as the winning bidder to acquire nearly all of Joann’s assets.
Pending approval from the Bankruptcy Court, the new owners intend to close down the company’s operations and begin going-out-of-business sales at all Joann store locations including the Beckley store.
The company also expressed gratitude to its employees and loyal customers, saying, “We deeply appreciate our dedicated Team Members, our customers, and communities across the nation for their unwavering support for more than 80 years.”
Joann’s closures reflect a growing trend among retailers adjusting to shifts in consumer spending.
