All Joann fabric and craft stores will begin going-out-of-business sales as the company is sold, subject to bankruptcy court approval, Joann said in an online statement Monday.
“JOANN’s leadership, Board, advisors, and legal partners made every effort to achieve 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 of our stakeholders,” the company stated in connection with the upcoming bankruptcy sale to GA Group.
The company, which claims to have been in business for over 80 years, previously announced the closure of 500 stores across the country, including 33 in Michigan, as it filed for bankruptcy a second time. The embattled retailer filed for bankruptcy in March 2024, after obtaining approximately $132 million in new financing to pay down its $1 billion debt.
Following a series of store closures, the company filed for Chapter 11 bankruptcy again in January with the intention of “facilitate a sale process to maximize the value of its business.”
According to the company, going-out-of-business sales will take place at all 41 Michigan stores and approximately 800 stores nationwide.
In addition to the stores that are already set to close, the Monday announcement affects eight stores that were previously scheduled to remain open: Grand Rapids, Lansing Township, Livonia, Mount Pleasant, Portage, Traverse City, and White Lake.
Here’s what you should know.
What is happening at Joann?
Joann will close all of its stores nationwide, including in Michigan, and hold going-out-of-business sales, the company announced. As the company enters its second bankruptcy, GA Group plans to take over its assets.
“Following a comprehensive sale process and auction, GA Group, in collaboration with the Pre-petition Term Loan Agent, was selected as the winning bidder to acquire substantially all of JOANN’s assets.”
In connection with this agreement, subject to Bankruptcy Court approval of the transaction, the winning bidders intend to begin winding down the Company’s operations and conducting going-out-of-business sales at all store locations,” the statement said.
The statement did not specify when sales would begin or end. The company stated that customers can continue to shop online while it closes its doors.
Joann had 41 stores across 40 towns in Michigan; 33 it previously announced would close:
- Ann Arbor: 2897 Oak Valley Drive
- Ypsilanti: 3737 Carpenter Road
- Battle Creek: 5420 Beckley Road, Suite M
- Essexville: 2950 Center Ave.
- Grosse Pointe: 18850 Mack Ave.
- Fort Gratiot: 4405 24th Ave.
- Canton: 44740 Ford Road
- Madison Heights: 32065 John R Road
- Bloomfield Hills: 4107 Telegraph Road
- Lapeer: 1865 W. Genesee St.
- Shelby Township: 14367 Hall Road
- Novi: 43570 W. Oaks Drive B-3
- Roseville: 20550 E. 13 Mile Road
- Taylor: 23877 Eureka Road
- Auburn Hills: 600 Brown Road
- Brighton: 8449 W Grand River Ave.
- Rochester Hills: 2105 S. Rochester Road
- Allen Park: 23125 Outer Drive
- Chesterfield: 50809 Waterside Drive
- Burton: 4190 E Court St. Ste. 101
- Flint: G3603 Miller Road
- Grandville: 3323 Century Center St. SW
- Holland: 12635 Felch St. Ste. 60
- Jackson: 1099 N. Wisner St.
- Lansing: 533 Mall Court
- Norton Shores: 5663 Harvey St.
- Benton Harbor: 1800 M-139 Unit A
- Adrian: 2576 S. Main St.
- Midland: 1910 N. Saginaw Road
- Alpena: 2686 S. U.S. 23
- Petoskey: 1608 Anderson Road
- Big Rapids: 1250 W. Perry Ave.
- Comstock Park: 3900 Alpine Ave. NW Ste. B
- Saginaw: 2920 Tittabawassee Road
- Grand Rapids: 3665 28Th St. SE
- Lansing – Lansing Township: 3750 W. Saginaw St.
- Livonia: 13489 Middlebelt Road
- Mount Pleasant: 4208 E. Bluegrass Road Ste. A
- Portage: 6151 S Westnedge Ave.
- Traverse City: 724 Munson Ave.
- White Lake: 9052 Highland Road
