[QUOTE=WMUTeach;8674182]
Originally Posted by
dunster
Read the article that MKC provided. It explains what is currently happening.
It is interesting that the two articles do not provide the same information about the closing of stores. In the end, I guess we will just have to wait and see. This is a good example of "you don't know who to believe."
The article I posted, dated January 15, 2025, states:
"The company must first win court approval for the sale process. Joann already has an offer from liquidator Gordon Brothers Retail Partners, which would serve as the initial bid, setting a floor for how much the company is worth. Should higher offers come in by Feb. 12, the company would hold an auction, according to court papers.Under the proposal from Gordon Brothers, if no higher bids come in to rescue the chain, Joann would sell to the liquidator, which specializes in shutting down retailers and conducting going-out-of-business sales.
Joann’s stores will remain open meanwhile, the company said in a statement."
That is not conflicting information. Bankruptcy court must first approve the sale of the company. Gordon Brothers is a stalking horse bid that will be allowed to purchase the company of no other entity makes a higher higher offer (if they do, then JoAnn will be sold via a bankruptcy auction). Gordon Brothers is a liquidator who shuts down businesses and sells off the assets.
Should bankruptcy court not approve the sale of the company, then JoAnn will likely shut down much more quickly. The stores mentioned as shutting down are from an earlier article (January 5) unrelated to (and now superceded by) this bankruptcy filing.