All Joann stores are set to close as auction winners plan to liquidate Retailer’s assets

A group of term loan lenders, along with GA Group, won an auction to acquire assets of bankrupt fabric and crafts retailer Joann and plan to shutter all of its stores.

GA Joann Retail Partnership LLC, a subsidiary of GA Group, along with the agent on the company’s pre-petition term loan, emerged as the winning bidders of substantially all of Joann’s assets, according to a court filing Saturday.

The groups now “plan to begin winding down the company’s operations and conduct going-out-of-business sales at all store locations,” according to a company statement posted on Joann’s restructuring website. The purchase by GA Group, a liquidation firm backed by Oaktree Capital Management, still requires approval from bankruptcy Judge Craig T. Goldblatt. A hearing on the sale will be held on Wednesday.

About a week before the auction, a bankruptcy court approved to shut down more than 500 Joann stores as part of an effort to recover value for creditors. The retailer entered into bankruptcy with about 800 locations.

Joann had received an offer from liquidator Gordon Brothers Retail Partners during the beginning of its reorganization process, which became a stalking horse bid that set a floor for the company’s assets.

Apple to add 20K U.S. jobs amid tariff threat

Apple, as it seeks relief from U.S. President Donald Trump’s tariffs on goods imported from China, said that it will hire 20,000 new workers and produce AI servers in the U.S.

The company said Monday that it plans to spend $500 billion domestically over the next four years, which will include work on a new server manufacturing facility in Houston, a supplier academy in Michigan and additional spending with its existing suppliers in the country. The disclosure comes days after Trump and Apple Chief Executive Officer Tim Cook met in the Oval Office.

Trump wrote in a post on his social network Truth Social that Apple was making the investment because of “faith in what we are doing.” Apple didn’t say whether the new investments were already underway before Trump’s win.

The $500 billion investment and 20,000 new jobs over the next four years mark Apple’s biggest U.S. commitment to date. Apple said it hired 20,000 research and development workers over the past five years and said in 2021 it would invest $430 billion locally over the next half-decade.

Starbucks cutting 1,100 corporate jobs

Starbucks is eliminating 1,100 corporate jobs in a move aimed at increasing efficiency and quickly enacting changes to revitalize the company.

The cuts represent about 7% of the global employee base working outside of company-owned stores, which also includes roles such as warehousing that aren’t affected by the restructure. Starbucks doesn’t disclose how many corporate workers it has, and the bulk of its employees around the world work in its cafes.

Chief Executive Officer Brian Niccol, who took over in September amid declining sales at the coffee giant, had announced the impending restructuring in January. Workers who are losing their jobs will be notified by Tuesday, according to an announcement. Corporate employees were asked to work remotely the whole week.

Niccol is also taking aim at the coffee chain’s U.S. menu, with the company saying on Monday that it’s removing some less popular drinks as part of a plan to simplify operations and serve customers faster.

As of September, Starbucks employed 211,000 people in the U.S. The cuts don’t affect workers in cafes, or in warehousing, manufacturing, distribution and roasting operations.

Compiled from Bloomberg reports.