JOANN Stores Announces Its Assets to Be Sold and Winning Bidders to Wind Down Operations
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JOANN posted the following announcement today at www.joannrestructuring.com:
“Following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent, has been selected as the winning bidder to acquire substantially all of JOANN’s assets. 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.
JOANN leadership, our Board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business. We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”
Effectively what this means is, subject to Bankruptcy Court approval on February 26th, ALL JOANN stores will be closing in the coming months. Recently, JOANN announced liquidation sales at 500 of its 800 locations, including local area stores in Oxnard, Simi Valley, and Woodland Hills. The Thousand Oaks store at 1516 N. Moorpark Road in the Conejo Valley Plaza was not on that list. Visit www.joann.com for updates.
Jo-Ann stores originated in 1943 when German immigrants Hilda and Berthold Reich and Sigmund and Mathilda Rohrback opened the Cleveland Fabric Shop. After growing to 18 shops in Ohio, the business was renamed Jo-Ann Fabrics, named after the combined names of the couples' daughters, Joan Zimmerman and Jacqueline Ann Rosskamm.
