Joann Fabric to Close all 800 Stores

Fabric retailer Joann has announced they will be going out of business and closing all 800 stores. The Hudson, Ohio-based company, which has been in business for more than 80 years, filed for bankruptcy in January. At a recent auction, the winning bidder GA Group, acquired the retailer’s assets and said it will begin the process of winding down company operations. 
The company issued the following statement on its website: "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.”