Joann Fabrics closing all locations

Joann Fabrics has shifted course and will now close all of its locations. The bankrupt fabrics retailer announced earlier this month they planned to close 500 of their 800 stores. Sunday, they announced all of their assets will be sold to GA Group, who plans to wind down operations at all store locations. The sale and closures are pending approval from U.S. Bankruptcy Court in the District of Delaware. The final sale hearing is scheduled for Wednesday. Stores will begin going-out-of-business sales immediately and are expected through May. While the retailer will no longer live on in bricks-and-mortar stores, Joann’s brand could survive if another company buys its intellectual property.