Joann, the Ohio-based fabric and craft retailer, is closing all of its stores in the Philadelphia region, including two in Bucks County, writes Mary Vanac for the Philadelphia Business Journal.
A New York real estate advisory firm will auction the company’s 790 retail stores and five distribution center leases for its new owners. At the end of February, asset disposition firm Great American Group and the retailer’s term lenders won an auction bid for Joann’s assets.
According to Mike Matlat, senior managing director for A&G Real Estate Partners, the leases are being marketed for sale, assignment, and termination.
The Bucks County stores that will be closed and have their leases auctioned off are located at 397 Easton Road in Warrington and 320 Commerce Boulevard in Fairless Hills, respectively.
“We’re anticipating the bid deadline and auction to be in early to mid-April, but any and all leases are subject to potential private sales where strong offers are received in advance of the bidding/auction process,” said Matlat. “As a reminder, we are selling lease assignments to third parties and/or lease terminations to landlords for key money above and beyond cure amounts.”
Read more about Joann’s closing locations and the upcoming auction details in the Philadelphia Business Journal.
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