UPDATE POSTED 3:30 TUESDAY:
Joann’s now says all of its stores will be closing, in twelve in Georgia. Locally, there are stores in Gainesville and Cumming. There are 12 stores in all in Georgia. The new development was announced Tuesday afternoon.
“Following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent, was selected as having the winning bid to acquire substantially all of JOANN’s assets. Subject to court approval of the transaction, the winning bidders plan to wind-down ongoing operations and conduct going-out-of-business sales at all JOANN locations.”
Joann’s was founded 80 years ago.
EARLIER STORY. POSTED AT 7:30 A.M. TUESDAY:
A dozen Joann’s stores in Georgia, including one in Cumming, are getting ready to close.
The fabrics and crafts retailer has confirmed that more than half its stores nationwide will be closing because of its financial struggles and bankruptcy filing.
The Gainesville store, in the Best Buy shopping center on Dawsonville Highway, is remaining open for now.
Joann’s filed for bankruptcy last year and has done so already again this year because of a continued decline in sales and supply chain problems.