Bankrupt Joann closing all 800 stores after failing to find buyer

Crafts retailer Joann, founded in 1943, plans to close all 800 US stores after failing to find a buyer, and will sell all assets to a buyer group including lenders and GA Group. Despite efforts to stay in business, Joann filed for bankruptcy in January due to supply chain disruption, with $615.7 million in debt and plans to seek approval for the sale in court.

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