(Nexstar) – More than 80 years later, Joann, a national fabric and craft retailer, is another step closer to being wiped out of US shopping centres after nearly 800 locations are on sale in the coming months.
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There are no fixed auction dates pending bankruptcy court approval, but Mike Matlat, senior managing director of A&G Real Estate Partners, provided Nexstar with a list of 790 retailers and five distribution centers.
The Hudson, Ohio-based company filed for Chapter 11 bankruptcy protection in January — the second time in a year — but said it would keep stores open at the time. However, in February, Joan confirmed that all stores in 49 states would be closing.
The nationwide closure is a blow to a generation of quilters, knitters and craft enthusiasts.
“I originally thought I would control myself until May. I wasn't here until April, but as if curiosity had killed a cat, I was a little too late,” one person wrote on Reddit. “It was the first time I was leaving Jones empty-handed, and it was probably the last time I left Jones. I could cry my actual tears.”
Another wrote: “I was trying to experience sewing patterns, but I started thinking about what I had been to Joan as a child with my mother. Then the carpenter's song, “Yesterday Again,” started to play in my head, losing it inside before I felt embarrassed myself, leaving. ”
Late February, Joan announced Its financial services company GA Group has been selected as a successful bidder to acquire “virtually all of Joanne's assets.”
“Joan's leadership, our board of directors, advisors and legal partners have made every effort to pursue a more favorable outcome that keeps the company in business,” Joan said in a statement posted to its website. “We are committed to working constructively with successful bidders to ensure an orderly operational blowout that minimizes impact on all stakeholders.”
Joan is the latest national brand for participating in Party City, Red Lobster and Big Lot and shuttering hundreds of brick and mortar locations to advance car parts.
The Associated Press contributed to this report.
