Metro-east location of national fabrics, craft retailer store will close after bankruptcy
After announcing earlier this month that sewing and craft supply retailer Joann would close more than half of its stores nationwide, the company has now said all its stores will close.
An auction of the company’s assets took place Friday, resulting in Joann going out of business after more than 80 years, according to a report Monday by The New York Times.
Earlier this month Joann announced that it would close 500 of its more than 800 stores, following a Chapter 11 bankruptcy filing in January, its second in under a year. The list of store closures spared Joann’s Fairview Heights location at 10865 Lincoln Trail.
GA Group, a financial services company, acquired “substantially all of Joann’s assets,” according to a statement issued by Joann.
A spokesperson for Joann said the “the winning bidders plan to begin winding down the Company’s operations and conduct going-out-of-business sales at all store locations.”
A website dedicated to Joann’s restructuring – joannrestructuring.com – includes information pertaining to the acquisition of its assets with frequently asked questions sections for both customers and suppliers.
Going-out-of-business sales will begin – or continue in some cases – at all locations immediately following the finalized asset sale transaction, stated the website.
The site also states that customers will be able to make purchases at “special prices during the going-out-of-business sales” at Joann stores, as well as its website and mobile app.
For area store location details and other information, visit joann.com.
