Joann becomes the latest retailer casualty

Those with a fleece tie-blanket-making obsession may need to find a new supplier. Joann, the 80-years-old go-to plug for fabric and crafts-minded individuals, is closing all ~800 of its stores in the US, the retailer announced this week, reversing an earlier bankruptcy plan that would have left some stores open.

Going once, going twice…sold: The company’s assets were auctioned off on Friday, about a month after Joann filed for Chapter 11 bankruptcy for the second time in less than a year.

The auction’s winning bidder, financial services company GA Group, plans to wind down the company’s operations and conduct going-out-of-business sales at all stores over the coming weeks (pending bankruptcy court approval). In February, prior to the auction process, Joann announced plans to close ~60% of its locations.

• The craftsy retailer had been struggling financially for several years following a DIY-driven uptick in sales during the early days of the pandemic, losing market share to online retailers and brick-and-mortar competitors such as Hobby Lobby and Michaels, NPR reports.

A tough week for retail: Party City is shuttering its balloon-and-streamer-filled doors for good by end of business on Friday.

📸 Big picture: Retailers are projected to close a record 15,000 stores this year, more than double the 7,325 closures in 2024, according to Coresight Research.