Joann is now set to close all of its store locations after previously announcing the closure of "approximately 500."

The fabric and crafts retailer had filed for bankruptcy in January, citing sluggish consumer demand and inventory shortages.

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.