Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
Zander Frost reports: The Queensbury Joann Fabrics and Crafts will close as the chain shutters all its locations and goes out of business, the company announced.
CBS News reported that Joann had previously filed for Chapter 11 Bankruptcy Protection and had planned to close around 500 stores. Queensbury was not included in that initial closure list.
This week, it found a buyer that plans to close the business altogether.
The chain said in a press release, “Following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent, has been 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 plan to begin winding down the Company’s operations and conduct going-out-of-business sales at all store locations.”
“JOANN leadership, our Board, advisors and legal partners 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. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years,” the release concluded.
