Joann to close all stores including 3 on Long Island

The retailer of fabrics and crafts Joann intends to close all the stores, following the sale of the company’s assets in a bankruptcy tender on the weekend.

Two weeks ago the retailer said -o planned to close 500 storesIncluding two Long Island-in Westbury and West Babylon locations, saying he tried to size his store’s mark and maximize the business value.

But now, Joann says that all his stores will close, including the Bohemia store, following a bankruptcy auction on which the winning bidder was GA Joann Retail Partnership LLC, a GA Group branch, a provision supplier of assets, evaluation, evaluation and real estate services, together with Wilmington Savings Fund Society, who was the loan agent Joann’s before being deposited for bankruptcy.

“Joann Leadership, our council, the counselors and legal partners have made all possible efforts to follow a more favorable result to keep the company in business. We are committed to working constructively with the winning bidder to ensure a reduction in the ordered operations that minimize the impact on all interested parties, “said Retailer Hudson, Ohio, in a statement on Sunday.

The three Joann stores on Long Island are in Westbury, at 580 Old Country RD. in Salisbury Plaza; West Babylon, at 735 W. Montauk Hwy. in the great South Bay shopping center; and Bohemia, at 5159 Sunrise Hwy. in Sayville Plaza.

A hearing for a judge to rule on the planned sale of Joann’s assets will take place on Wednesday.

If the judge approves the sale, the winning bidder will reduce Joann’s operations and make business sales, Joann said on a Sunday statement.

Working for more than 80 years, Joann had over 800 stores in 49 states when he deposited for chapter 11 the protection of bankruptcy at the US District District District, with a previous record that took place on March 18.

When Joann deposited for the protection of bankruptcy last month, the retailer had about 19,000 employees, of which 3,400 were full -time and 15,600 were workers with a part -time, according to a judicial registration.

At that time, the company had about $ 615.7 million in total debt obligations, according to a judicial registration.

Joann’s financial problems were caused by customers who reduced the most expenses of the Covid-19 Pandemic that started in March 2020, as well Interim, in a bankruptcy of document submitted in January.

As a result, the retailer marketed since then has submitted for the bankruptcy of Chapter 11 in March and left the procedure in April as a private company, with immediate efforts to start his new business plan, he wrote.

“Unfortunately, the unanticipated inventory causes post-emergence, accompanied by the prolonged impact of an excessive laziness economy, put Joann back in a position of unjustified debt,” he wrote.

Tory N. Parrish covers small and small companies for Newsday. Worked at Pittsburgh Tribune-Review and Observer-Disaput in Utica, NY