Joann Inc to shut down all stores after more than 80 years in business

Quick Summary:

Joann Inc, the fabric and crafts retailer, is shutting down all stores after 80 years of operation.

Despite efforts to keep the company afloat, financial struggles and weak consumer demand led to its decision to close following a recent acquisition by GA Group.

Now, following a recent auction, financial services firm GA Group, along with Joann’s term lenders, has been selected as the winning bidder to acquire most of the company’s assets.

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Article Details

Author / Journalist: TOI Business Desk

Category: EconomyBusiness

Markets: India

Topics: Fabric and crafts retailer Chapter 11 bankruptcy Joann Inc Store closures Bankruptcy

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-25 @ 17:23:03 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 680 words

Reading Time: 4 minutes read

Sentences: 27 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 26429060

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About Times of India

Main Topics: EconomyBusiness

Official Website: timesofindia.indiatimes.com

Update Frequency: 27 posts per day

Year Established: 1838

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