Day 2 update of the JOANN bankruptcy sale auction at Kirkland & Ellis LLP. The winning bidder is GA JOANN Retail Partnership, LLC (partnership between Great American Group + term lenders). Next up is the bankruptcy court sale hearing on February 26, where the judge has to approve the sale of assets to the winning bidder.
Great American Group CEO Scott Carpenter said during the auction call most JOANN stores will stay open until the end of May and every item in every store will be discounted. They are working on a multi-million dollar retention plan for company employees, with 90% of that budget going to stores. Fresh inventory should soon be rolling out to locations.
Disclaimer: I am NOT an attorney, this is obviously not legal expertise.
Gordon Brothers Provides $100M Exit Facility Commitment as Agent for JOANN Stores
https://www.gordonbrothers.com/press-release/gordon-brothers-provides-100m-exit-facility-commitment-as-agent-for-jo-ann-stores/
Bank of America Refinances JOANN’s First Lien Term Loan
https://www.abfjournal.com/bank-of-america-refinances-joanns-first-lien-term-loan/
Great American Group & Hancock Fabrics
https://www.prnewswire.com/news-releases/great-american-group-will-begin-going-out-of-business-sales-for-185-hancock-fabrics-stores-tomorrow-april-1-300244488.html
https://cases.ra.kroll.com/JOANN2025/Home-Index
https://www.kirkland.com/news/press-release/2025/01/kirkland-advises-joann-on-chapter-11-filing
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If you want to go down the JOANN rabbit hole, here's a playlist of all my previous coverage starting in September 2023:
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