Crafts retailer Joann is offering hefty discounts on its products ahead of its stores shutting their doors for good by the end of the month.
The company’s website said its “going out of business” sales at its stores offered 50-80% off, though “limited exclusions apply” and the discounts “may vary” by location.
For instance, customers can get 50% discounts on thread and yarn, according to the Joann website. Sales on home decor fabric and trims take 50-80% off prices.
Customers must go to a physical store to make a purchase, the company said on its restructuring website. It stopped allowing people to buy products through its website in early March.
CRAFTS RETAILER JOANN CLOSING DOWN ALL U.S. STORES, ONE MONTH AFTER FILING CHAPTER 11 BANKRUPTCY
The closing sales at Joann stores started in early March, about seven weeks after the crafts retailer filed for Chapter 11 bankruptcy. It previously underwent bankruptcy last year.
The “going out of business” sales are part of GA Group and its prepetition term loan agent’s winding down of the company’s operations. They became the owners of “substantially all” of Joann’s assets in February.
When GA group and the prepetition term loan agent became the winning bidders, Joann said it was “committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders.”
There were roughly 800 Joann stores across the U.S. when the company filed for bankruptcy in January, according to a bankruptcy filing. A couple hundred have shuttered since then, USA Today reported.
JOANN CUSTOMERS UPSET BY RETAILER’S MOVE TO STOP TAKING GIFT CARDS HEAD OF STORE CLOSURES
Joann stores that have not yet closed will hold the sales “until the end of May, or until supplies last,” GA Group said in a March press release.
When the rest of Joann’s locations finally shutter, it will mark the end of an eight-decade run for the crafts retailer. It was founded in 1943.
Read the full article here
