All 18 Joann Stores Closing In GA, Bankrupt Retailer Sold At Auction

What to know summary:

• Crafting retailer Joann first filed for Chapter 11 bankruptcy in March 2024, but continued operations after restructuring. A second bankruptcy filing was filed last month.
• The struggling retailer is now set to close all of its locations in Georgia and nationwide.
• There are 18 stores in Georgia.
• Previously, the company had said some stores would remain open— including six in Georgia— but those are now also set to close.

Full story:

GEORGIA — The assets of bankrupt fabric and crafts retailer Joann Inc. have gone to the highest bidders, and the company announced over the weekend that all of its stores — including 18 in Georgia — are closing.

A group of term loan lenders, along with GA Group, a liquidation firm backed by California-based Oaktree Capital Management, won an auction to acquire what's left of the company.

In connection with the agreement, which is subject to bankruptcy court approval, the winning bidders plan to wind down Joann operations and conduct going-out-of-business sales at all store locations, according to a Sunday announcement from the retailer.

The sale and auction process was revealed last month when Hudson, Ohio-based Joann announced it was undergoing a Chapter 11 bankruptcy restructuring process.

Boston-based Gordon Brothers Retail Partners, LLC, was initially named as the "stalking horse" bidder for Joann, but the retailer was seeking alternate offers. A stalking horse bid sets a floor to avoid subsequent lowball offers.

Prior to the weekend announcement, the company had hoped to keep a fraction of its stores open, including six in Georgia. That is now off the table.

In the announcement, Joann said that its leadership, board, advisors and legal team "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," the announcement continued. "We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years."

It's unclear how low prices will drop on Joann merchandise, such as fabric, sewing accessories and arts and crafts offerings. The company is currently promoting steep product discounts through its e-commerce site.

In addition to last month's Chapter 11 filing, Joann also filed in March 2024 but emerged a month later as a private company and managed to keep its stores open.

Before the recent bankruptcy announcement, Joann had more than 800 stores operating across 49 states, as well as its e-commerce business. Here is the list of Joann Georgia stores (it's unclear how many, if any, have already shuttered):

• 3055 Atlanta Hwy., Athens
• 9439 Highway 5, Douglasville
• 2255 Pleasant Hill Road, Ste. 200, Duluth
• 965 N. Point Drive, Alpharetta
• 1630 Scenic Hwy. N., Ste. O, Snellville
• 250 Pavilion Pkwy., Fayetteville
• 1380 Dogwood Drive, Conyers
• 1074 Bullsboro Drive, Unit #6, Newnan
• 540 A Lakeland Plaza, Cumming
• 137 Golden Isles Plaza Pkwy., Brunswick
• 5080 Riverside Drive, Ste. 1300, Macon
• 2951 Watson Blvd., Warner Robins
• 7400 Abercorn St., Savannah
• 501 Roberts Ct., Kennesaw
• 2655 N. Decatur Road, Decatur
• 3435 Wrightsboro Road, Augusta
• 5555 Whittlesey Blvd., Ste. 2900, Columbus
• 834-A Dawsonville Hwy., Gainesville