The Visalia and Clovis JOANN Fabrics and Crafts stores will join the rest of the chain's locations by closing when the new owner liquidates the company. (GV Wire Composite/Paul Marshall)
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Retail liquidator GA Group won the bid to buy out JOANN Fabrics and Crafts, which means the effective end of the country’s largest fabric store, including the Clovis and Visalia locations not previously selected to close.
GA Group was picked over another bidder, Gordon Brothers Retail Partners.
“In connection with this agreement, subject to bankruptcy court approval of the transactions, the winning bidders plan to begin winding down the company’s operations and conduct going-out-of-business sales at all store locations,” stated a JOANN spokesperson.
Related Story: Fresno Location Is Among the 500 JOANN Fabrics Closures
New Owner to Give Employees Time Off to Get New Jobs
CEO of GA Group Scott Carpenter told the Akron Beacon Journal most of the closing JOANN stores would remain open until the end of May. Going-out-of-business sales began Feb. 15 for stores selected to close before the bid was chosen — including the Fresno location. The company’s distribution center in Visalia was among the first locations identified to close.
Related Story: JOANN Fabrics and Crafts to Close Visalia Distribution Facility, Shedding 209 ...
The new ownership group plans to roll out a “multimillion-dollar retention plan” for the 19,000 employees still at the company, according to USA Today. That includes hosting job fairs and granting workers time off so they can interview for other jobs.
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