Joann to close hundreds of stores across the US

Joann Inc., which was introduced Chapter 11 Bankruptcy Protection In January, the second time in a year, it is planned to close its hundreds of stores in less than a year, as it tries to be the right size.

The retail trade was petitioned for the reputation of the court this week to start closing 500 of its stores, based on the process of chapter 11. If confirmed, the company noted that the sale of the ongoing business will begin in accelerated stores on Saturday, and it may continue after it.

The company’s spokesman told Fox Business that closing is part of the company’s strategy to maximize the value of its business.

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“The detailed analysis of maintaining and future strategic fitness for the company decided which stores should stay at the moment. said the speaker.

In March 2024, when in 81 years of business, the company was first presented, it became a private company, but one of its more than 800 countries did not touch in 49 countries.

On January 8, the customer enters the Customer in California. (David Paul Morris / Bloomberg Getty Images / Getty Images)

In January, the company applied to the Bankruptcy Court of Bankruptcy for the Delaware County, after the Delaware Region, together with another company and communicating with the level of inventory.

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“After studying all existing strategic ways, we decided to initiate the trial-controlled sales process to maximize the value of the business,” said Interim Executive Director Michael Admenegast. “We hope that this process allows us to find a way that will allow Joann will continue to operate as concern. “

Retail trade has petitioned the jurisdiction of the court to start closing 500 of its stores, when it is on the process of chapter 11. (Tim Leedy / Medianews Group / Reading Eagle Getty Images / Getty Images)

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Last month, the company sought a judicial establishment in the process of starting Gordon Brothers Retail partners LLC significantly the sales of all its assets. Gordon would serve as a “shocking horse” applicant who is a party that agrees to a preliminary application for the assets of the bankrupt company, has often started a formal auction process.

Gordon brothers noted that he intends to dissolve the company and carry out the outputs in all stores, according to Joannann, which continues to actively solve alternative applications.

It says that it has received queries from the parties that may be interested on a continuous basis, continuing to work with stores and online business.

If other qualified offers are submitted during the Court-controlled sales processes, Joann plans to make auctions or auctions, setting the floor the floor For auction processesA number

Here are the stores closing in every state.