Great American Group LLC, a Los Angeles-based asset disposition firm, won a bid for the assets of .Joann Inc. and has decided to close all of the craft and fabric store’s locations, writes Mary Vanac for Philadelphia Business Journal.
Great American Group and a term lender representative were top bidders at the Feb. 24 bankruptcy auction.
The leases for Joann’s 790 stores and five distributions centers will be sold or closed out with the help of A&G Real Estate Partners, a New York-based advisory firm.
The retailer filed for bankruptcy in January and intended to keep open its stores in Cherry Hill and Norristown. Now, these two locations will close, along with the other 13 stores spread across the Greater Philadelphia region, including in Springfield, Glen Mills, and Wayne.
A&G Real Estate Partners’ senior managing director, Mike Matlat, announced the firm would begin marketing the leases at these locations. Third-party companies may purchase the leases, or landlords may choose to pay for lease terminations.
“We’re anticipating the bid deadline and auction to be in early to mid-April, but any and all leases are subject to potential private sales where strong offers are received in advance of the bidding/auction process,” Matlat said.
A&G Real Estate is also managing Party City’s lease auctions as it sells its 695 locations. Joann Inc. joins the list of closing and bankrupt companies, alongside Big Lots and Rite Aid.
Find out more about Joann Fabrics closing its locations in the Philadelphia Business Journal.
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