Judge to rule on Joann's future as Gulf Coast stores will likely shutter

Fabric and craft retailer Joann is likely to see all of its stores in Florida and across the country close after a company specializing in the liquidation of assets and a group of the bankrupt company’s lenders were the winning bidders in an auction.

The sale must still be approved by federal bankruptcy judge Craig T. Goldblatt at a hearing is scheduled for Wednesday afternoon in Delaware.

But in a statement posted on the 80-year-old retailer’s website this week, the company seems to have come to terms with it’s likely future, saying “We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the negative impact on all Joann team members, vendors, customers and communities.”