Craft retailer JOANN has announced that going-out-of-business sales will soon begin at all store locations, just weeks after revealing plans to shutter more than 500 underperforming stores.
The company, which filed for Chapter 11 bankruptcy protection in January, initially stated that store closures would take place immediately across more than 40 states. However, JOANN has now confirmed that additional locations will also be affected as the bankruptcy proceedings continue.
JOANN’s Future and Bankruptcy Auction
Over the weekend, GA Joann Retail Partnership emerged as the winning bidder in an auction for the struggling retailer. This partnership, which includes financial services firm GA Group and JOANN’s term lenders, has worked with the company in the past.
According to a statement released on Sunday, the partnership plans to acquire nearly all of JOANN’s assets. Pending bankruptcy court approval, the company will proceed with liquidating its inventory at every location.
Also Read – Pope Francis Alert but in Critical Condition Amid Kidney Failure Concerns
“Despite exhaustive efforts by our leadership, board, and advisors to explore other alternatives, the decision was made to wind down operations,” the statement read.
What Customers Need to Know
If the court finalizes the sale agreement, going-out-of-business sales will begin immediately both in-store and online, as well as through the JOANN mobile app. A sale hearing is scheduled for Wednesday.
According to JOANN’s restructuring website, here’s what customers should keep in mind:
- Gift cards will be accepted only through the end of February.
- Special discounts (such as those for teachers and Girl Scouts) have been suspended.
- Returns are no longer being accepted.
Parallels to Big Lots’ Situation
JOANN isn’t the only retailer facing widespread closures due to financial struggles. Discount chain Big Lots has also been navigating Chapter 11 bankruptcy, closing stores in phases before ultimately announcing going-out-of-business sales at all locations in December.
However, recent court filings indicate that hundreds of Big Lots locations could remain open under new ownership from Variety Wholesalers. Despite this, the retailer’s official website still advertises storewide liquidation sales.
As JOANN’s fate is finalized in bankruptcy court, shoppers will have a limited window to take advantage of liquidation discounts before the retailer officially closes its doors .
- ‘Deeply Unsettling’: Mother Accused of Drowning 7-Year-Old Daughter in California - April 30, 2025
- Manhunt Underway for Inmate Who Escaped Los Angeles County Facility - April 30, 2025
- Deltopia 2025 Sees Dramatic Rise in Arrests, Citations in SoCal - April 28, 2025
