For anyone wishing to follow the bankruptcy docket,
here's the link on JoAnn's site. If you follow the link there to Case Information, you can subscribe to docket updates.
Note in the original filing (found via Customer FAQ on the JoAnn site):
1. What did JOANN announce?
• On January 15, JOANN announced that the Company has commenced voluntary Chapter 11 proceedings to facilitate a sale process to maximize the value of its business.
• The Company is seeking Court approval to commence a process for the sale of substantially all of its assets under section 363 of the Bankruptcy Code pursuant to which Gordon Brothers Retail Partners, LLC (“Gordon Brothers”) would serve as the “stalking horse” bidder.
• The proposed transaction is subject to higher and better offers, among other conditions.
• The Company continues to actively solicit alternate bids. If other qualified bids are submitted during the court-supervised sale processes, the Company plans to conduct an auction or auctions, with the stalking horse bid setting the floor for the auction processes.
• If the sale to Gordon Brothers is ultimately completed, 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.
• On February 12, JOANN filed a motion seeking court authority to begin closing approximately 500 stores across the nation. • Subject to court approval, we expect going-out-of-business sales will begin at impacted stores on Saturday, February 15, and could continue for several months.
• In the meantime, JOANN stores and JOANN.com are open in the ordinary course and continue to serve customers. Team Members are continuing to receive pay and benefits.
This explains that if there is no other bidder and/or Gordon Brothers is the ultimate buyer, all stores will close.
In the meantime, the hearing on the closure of the 500 stores is today (Feb, 14, 2025) and if approved, Going Out of Business sales will commence at those stores starting tomorrow (Feb. 15, 2025)
If you have a JoAnn gift card, it will currently only be accepted in-store. It cannot be used online unless something in the bankruptcy proceedings changes those policies (which could include them not being accepted in store.)