Bankrupt arts and crafts retailer Joann will close all of its stores, after its restructuring plans faltered and a liquidator agreed to buy its assets. Why it matters: Joann had about 800 stores and 19,

Joann's roots date back to 1943, with a single storefront in Cleveland, Ohio. And the retailer later grew into a national chain. Formerly known as Jo-Ann Fabric and Craft Stores, the company rebranded itself with the shortened “Joann” name for its 75th anniversary.

Jo-Ann Stores announced it will shut down hundreds of its stores around the United States. Find out the reason behind the abrupt closure.

The initial store closing list for crafting retailer Joann includes at least one location in all 50 states, except Hawaii.

Joann, whose outlets were once called Jo-Ann Fabrics, is based in Hudson, Ohio. The chain has long sold art supplies, such as yarn, sewing machines, fabrics and other seasonal products. The company currently has stores in 49 states.

Fabric chain Joann is going out of business and closing all 800 stores, marking the end of the 82-year-old company that was once the leading destination for DIY and crafts enthusiasts. The company employs 19,

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,

A group of term loan lenders, along with GA Group, a liquidation firm backed by Oaktree Capital Management, won an auction to acquire assets of bankrupt fabric and crafts retailer Joann and plan to shutter all of its stores.