Bankrupt crafts retailer Joann closing all stores

Crafts retailer Joann Inc plans to close all of its stores in bankruptcy, after failing to find a buyer willing to preserve some of the 82-year-old company's 800 U.S. retail locations. The company plans to sell all its assets to a buyer group that includes its lenders and a company called GA Group, it said on Sunday. Joann had hoped for a buyer that would keep the business alive, but the highest bidder plans to begin going-out-of-business sales at all its stores, it added.