All Joann Stores Closing In NJ As Bankrupt Retailer Sold At Auction

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NEW JERSEY — 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 all 11 in New Jersey — are closing.

The company originally said it would only close 500 of its 800 stores, including six locations in New Jersey. But on Sunday, Joann announced that financial services company GA Group had won the bid to “acquire substantially all of Joann’s assets,” and would begin winding down company operations and holding going-out-of-business sales at all stores.

In the company 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."

Sales at Joann had slumped after a jump during the pandemic, when Americans were isolated in their homes and spent more money on sewing and craft supplies. Due to the subsequent inflation, many people had to cut back on their discretionary spending.

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 stores in New Jersey:

• Cherry Hill, 2234 W. Marlton Pike Road
• Colonia, 1272 Route 27
• Deptford, 1120 Hurffville Road
• Lawrenceville, 3371 Brunswick Ave.
• Mays Landing, 3926 Festival At Hamilton
• Mount Laurel, 66 Centerton Road
• Paramus, 30 A&S Drive
• Riverdale, 48 Route 23
• Shrewsbury, 1026 Broad Street
• Succasanna, 281-28 Route 10 East
• Toms River, 1379 Hooper Avenue