NewsJoann plans to close all its stores, following the sale of the company’s assets in a bankruptcy auction. Patrick T. Collins shared his insight with Newsday on the recent update on the fabric and crafts retailer.
From the article:
“The advantage of a buyer liquidating the assets quickly is to forgo incurring the expenses of operating the business,” said bankruptcy attorney Patrick Collins, a partner at Uniondale law firm Farrell Fritz PC who is not involved in Joann’s bankruptcy case.
Read the full article here:
Joann to close all stores, including 3 on Long Island – Newsday
