Hudson, Ohio — GA Group and A&G Real Estate Partners plan to auction 790 JOANN store leases and five distribution centers in 49 states in April. The plans follow JOANN’s Chapter 11 bankruptcy filing in January, the second bankruptcy filing for the retailer within 12 months.
GA Group was selected to monetize all of JOANN’s assets and has begun winding down ongoing operations at all the retailer’s locations. The majority of JOANN stores will stay open for going-out-of-business sales through May 2025, or until supplies run out.
The leases range in size from roughly 7,500 to 52,000 square feet across different property types including freestanding stores, power centers, strip malls and urban retail corridors. The retailer’s intellectual property will also be sold as part of the closing process. The bid deadline is April 16, and the auction is scheduled for April 22.