Without buyer, craft retailer’s Chapter 11 could mean local store closings

Pittsburgh-area bargain fabric hunters, consider yourselves warned.

There’s no going-out-of-business sales announced at this point for JOANN, the Hudson, Ohio-based fabric and crafts retailer that filed for Chapter 11 last week for the second time in a year.

But the company’s filing in Delaware bankruptcy court is structured to include a company called Gordon Brothers as a stalking horse as it seeks another buyer with a higher bid to keep it going. Yet if it doesn’t, a full liquidation is expected.

With a Chapter 11 informational site set up at www.joanrestructuring.com, the company makes clear in its Suppler FAQ that “Gordon Brothers has indicated that it intends to pursue a liquidation of the company and conduct going-out-of-business sales at all store locations.”

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