Business & Tech

Fate Of 75 CA Stores Uncertain As Retailer Declares Bankruptcy Again

The company believes "a court-supervised sale process is the best course of action," according to its interim CEO.

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The chain said that its stores are open as they usually are and employees are still being paid as it looks to sell its assets.
The chain said that its stores are open as they usually are and employees are still being paid as it looks to sell its assets. (Scott Anderson/Patch)

CALIFORNIA — The fate of Joann's California locations is uncertain after the sewing and fabrics retailer Wednesday declared bankruptcy for the second time in less than a year.

The chain said that its stores are open as they usually are and employees are still being paid as it looks to sell its assets. Gordon Brothers Retail Partners has been named a "stalking horse" bidder to buy the company, setting a purchase amount floor while Joann actively seeks higher and better offers.

“The last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step," Joann interim CEO Michael Prendergast said in a news release.

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"After carefully reviewing all available strategic paths, we have determined that initiating a court-supervised sale process is the best course of action to maximize the value of the business. We hope
that this process enables us to find a path that would allow Joann to continue operating as a going concern.”

Joann's California locations include:

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  • Alhambra
  • Bakersfield
  • Buena Park
  • Chico
  • Chino
  • Citrus Heights
  • Clovis
  • Concord
  • Corona
  • Corte Madera
  • Covina
  • Cupertino
  • Daly City
  • Dublin
  • El Cajon
  • El Cerrito
  • Elk Grove
  • Eureka
  • Folsom
  • Foothill Ranch
  • Fresno
  • Fullerton
  • Glendale
  • Hemet
  • Hesperia
  • Huntington Beach
  • Irvine
  • Jackson
  • La Canada
  • Laguna Niguel
  • La Habra
  • Lakewood
  • La Verne
  • Long Beach
  • Los Angeles
  • Manteca
  • Modesto
  • Morgan Hill
  • National City
  • Northridge
  • Oceanside
  • Orange
  • Oxnard
  • Poway
  • Rancho Cucamonga
  • Rancho Mirage
  • Redding
  • Redlands
  • Redwood City
  • Riverside
  • Rohnert Park
  • Roseville
  • Sacramento
  • Salinas
  • San Diego
  • San Jose
  • San Leandro
  • San Marcos
  • San Mateo
  • Santa Clarita
  • Santa Maria
  • Santa Rosa
  • Sherman Oaks
  • Simi Valley
  • Sonora
  • Stockton
  • Temecula
  • Thousand Oaks
  • Torrance
  • Turlock
  • Vacaville
  • Visalia
  • Woodland
  • Woodland Hills
  • Yuba City.

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