### Joann Fabrics to Close Remaining 36 Locations in Illinois
Joann Fabrics has announced the closure of more than 800 locations, coming just weeks after previously declaring plans to shut down 500 stores. This decision includes closing all 36 remaining stores in Illinois.
Initially, the fabrics and crafts retailer aimed to keep a portion of its stores open, including 26 of the 36 remaining locations in Illinois. However, following its second bankruptcy filing in less than a year, Joann has been sold to the GA Group along with its prepetition term lender.
As part of the acquisition, the new owners plan to wind down Joann’s operations completely, including shutting down all store locations. “In connection with this agreement, subject to Bankruptcy Court approval, the winning bidders plan to begin winding down the company’s operations and conduct going-out-of-business sales at all store locations,” Joann stated.
The Hudson, Ohio-based company initially filed for bankruptcy a year ago in an effort to restructure its growing debt. However, financial struggles persisted, leading to a second bankruptcy filing in January, with reported debt totaling $615.7 million.
