Oaktree-Backed GA Group, Lenders Win Auction for Bankrupt Joann

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 Inc. 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 ...