Joann Inc. is preparing to auction off all the stores in 790 retailers, including the three in Montgomery County, writes Mary Vanac for the Philadelphia Business Journal.
The bankrupt fabric and craft retailer’s assets were acquired in a February auction by Great American Group LLC and the retailer’s term lenders.
Joann Inc. had initially planned to keep its Norristown store at 45 E. Germantown Pike open, but it is now among the locations being auctioned. Other Montgomery County stores affected include:
- 1200 Welsh Road, North Wales
- 351 W. Schuylkill Road, Pottstown
The company filed for bankruptcy in January and announced last month that it would close most of its stores nationwide. A&G Real Estate Partners, managing the lease sales, expects bidding deadlines and auctions in early to mid-April, though private sales may occur beforehand if strong offers are received.
Joann Inc. store landlords will receive some compensation from the retailer’s wind-down budget. The auction is part of a larger wave of retail closures, with other national chains like Party City, Big Lots, and Rite Aid also shutting multiple locations due to financial struggles.
Read more about Joann’s in the Philadelphia Business Journal.
