A recent auction has resulted in GA Joann Retail Partnership LLC, backed by Oaktree Capital Management, winning the bid for Joann's assets. This acquisition will lead to the closure of all Joann stores, as the company prepares for liquidation following its bankruptcy. The chosen bid sufficiently covers prior debts, totaling about $462.3 million. The move to wind down operations includes over 500 store closings, aiming to maximize value recovery for creditors. The final approval of the acquisition remains pending from a bankruptcy judge, with a hearing scheduled soon.
GA Joann Retail Partnership LLC, a subsidiary of GA Group, has emerged as the winning bidder in an auction for the bankrupt fabric and crafts retailer Joann's assets.
The acquisition deal will lead to the shuttering of all Joann stores, following the company’s bankruptcy, and efforts to wind down operations and conduct going-out-of-business sales.
Collection
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