Joann Fabrics was sold over the weekend via an auction.
The winning bidder was GA Joann Retail Partnership, a partnership between financial services company GA Group and Joann’s term lenders, according to attorneys for the company. Formal approval of the sale by the U.S. Bankruptcy Court for the district of Delaware is expected on Wednesday. Most of the Joann’s stores that will close will remain open until May.
Indiana’s location is one of 33 in Pennsylvania on a list to close. The company filed for bankruptcy and announced plans to sell the business earlier this year. It marked the second time in 10 months that the business had declared bankruptcy.
