Leases for roughly 800 Joann stores have gone up for auction as the chain becomes the latest U.S. retailer to liquidate and close up shop.
Bids are being accepted for the store and industrial leases of Hudson, Ohio-based Joann, the specialty seller of crafts and sewing goods that filed for Chapter 11 bankruptcy protection in January. There are 790 stores leases available nationwide, as well as for five distribution centers, according to A&G Real Estate Partners. The firm is marketing all of them in conjunction with GA Group for sale, assignment or termination.
Joann, which is 82 years old, was acquired out of bankruptcy by GA Group, a liquidator backed by private equity firm Oaktree Capital Management, and some of its lenders.
This year is expected to be a record breaker when it comes to U.S. store closings, with Coresight Research predicting roughly 15,000. The group of companies that have either filed for Chapter 11 in 2025 or are closing stores this year is growing and includes Liberated Brands, Party City, Macy's and Kohl's. In February, Nashville, Tennessee-area discount chain Bargain Hunt said it would liquidate and close all of its 92 stores after seeking bankruptcy protection. Party City is in the process of shuttering its store fleet.
The Joann stores range in size from 7,500 square feet to 51,950 square feet, A&G Senior Managing Director Mike Matlat said Tuesday in an email.
The store locations offer tenants an "incredible market penetration opportunity," according to Matlat, with the "spaces ready for immediate use and positioned in established retail corridors and shopping centers."
Two of the distribution centers are in Visalia, California, and the others are in Hudson, Ohio, and West Jefferson, Opelika, Alabama.
The leases on the auction block offer "favorable and competitive" terms," Matlat said.
The deadline for bids and the auction is expected to be in early to mid April, according to A&G.
"But any and all leases are subject to potential private sales where strong offers are received in advance of the bidding/auction process," Matlat said.
Joann's latest bankruptcy was its second Chapter 11 filing, with the first one in March last year. This time, the retailer said in February it only planned to shut about 500 stores out of its fleet. Later that month, Joann said it would instead wind down its business and liquidate.
A&G said it is selling lease assignments to third parties and/or lease terminations to landlords.
For the record
Mike Matlat, Emilio Amendola, Michael Jerbich and Chris Draper of A&G Real Estate are handling the auction.