Remaining Kentucky locations of fabrics, craft giant will also close, company announces
Joann Fabrics reported earlier this month about 300 of the company’s roughly 850 stores would remain open, including the store in Lexington, but has since announced all stores will close, pending court approval.
The Louisville location was also set to remain open, but will be closing.
The company filed for bankruptcy twice in less than a year, citing inventory shortages as a reason.
“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,” the company statement read.
“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.”
Closing sales will begin immediately pending court approval of the transaction, the company’s website says. Sales have already begun at some locations that were part of the original 500 closing, including several in other parts of Kentucky.
Joann Fabrics stores are no longer accepting returns, and gift cards will only be accepted through Friday, WTHR reported. Shopping is still available online and in stores.
The Joann store in Lexington is located at 125 East Reynolds Road, Suite 110 and is open 9 a.m. to 7 p.m. Monday through Saturday and 10 a.m. to 6 p.m. Sunday, according to its website.
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