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Sew long, Joann.
All of the fabric and craft retailer’s U.S. locations, including the one at Columbia Center mall in Kennewick, will be closing.
Joann’s imminent closure follows its acquisition at auction by GA Group, a private financial services company referred to as a liquidation firm in some reports. The winning bid still requires court approval, but the GA Group is expected to gain ownership of all the craft chain’s assets.
“We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the negative impact on all Joann team members, vendors, customers and communities,” Joann said in a release.
No timeline for when and how long the going-out-of-business sales at Joann stores was provided. Many stores have already started such sales as they were already part of a wave of closures affecting 500 locations.
The retailer moved into a renovated space at the Columbia Center mall in Kennewick about two years ago, taking part of the store previously occupied by Sears.
The end of operations follows Joann’s most recent bankruptcy filing, which was a year after it first filed for bankruptcy protection and became a private company owned by some of its creditors.
In recent court documents, Joann blamed “unexpected” and “acute” inventory issues, which took a big bite out of sales and put its $615 million debt in an “untenable position.”