With Joann Fabrics set to close all of their stores nationwide by the end of May, a liquidator is now accepting bids to take over spaces leased by the company that will soon be vacant.
The fabric and craft company announced earlier this month that it will close all 790 retail stores nationwide and five distribution centers. Joann Fabrics filed for bankruptcy in January after years of struggling to stay afloat amid a changing retail landscape.
Asset disposition company GA Group Marketing acquired Joann’s assets at auction in February and has partnered with A&G Real Estate Partners to manage the company’s liquidation. In New Jersey, 11 lease agreements have hit the block, along with assets in 48 other states.
“This diverse portfolio offers strong real estate fundamentals, prime high-traffic locations, and turnkey spaces ready for immediate occupancy,” said Michael Jerbich of GA Group. “This auction offers business owners and investors a prime opportunity to expand their footprint and strengthen their local presence.”
The bid deadline for Joann Fabrics store leases and properties is April 16, with the auction expected to take place in New York on April 22. Most stores will stay open for going-out-of-business sales through May 2025, or until supplies run out. Furniture, fixtures, and equipment are also available for purchase.
“The auction of JOANN’s store leases presents a unique chance to transform well-located retail spaces into thriving businesses,” said Emilio Amendola, Co-President of A&G. “From specialty retail and fitness centers to healthcare clinics and entertainment venues, these properties offer limitless potential. For small business owners and startups, this is an opportunity to lock in prime locations at competitive rates, helping them grow, innovate, and revitalize local economies.”
New Jersey’s available locations range from nearly 12,000 square feet to upwards of 40,000 square feet throughout the state. The properties available are located in Deptford, Colonia, Riverdale, Paramus, Shrewsbury, Succasunna, Cherry Hill, Mount Laurel, Mays Landing, Lawrenceville, and Toms River.
Property listings that are included in the auction can be found here at GA Group’s website.
