Wilmington shopping center to see third store close in recent years due to bankruptcy

Posted by author March 5, 2025 Shopping

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A retail fabric and craft store in Wilmington is set to close.

Joann Fabrics and Crafts, located at 352 S. College Road, Suite 24 in Wilmington at the University Centre shopping complex, provides a wide range of fabrics, sewing, arts and crafts supplies.

It’ll join Rue21 and Bed Bath & Beyond as chain retailers that have left the shopping spot since 2023 due to bankruptcy. Gabe’s, a discount store, also left in that span. It’s now at Long Leaf Mall at the former Old Time Pottery location, which Gabe’s bought out in 2023.

Why is the store closing?

A USA TODAY story states that after filing for Chapter 11 bankruptcy for the second time within a year, Joann’s remaining assets were put up for auction.

The Hudson, Ohio, based retailer said following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent has been selected as the winning bidder to acquire substantially all of Joann’s assets, according to a news release from Amanda Hayes, director, corporate communications and engagement.

When will the Wilmington store close?

In connection with this agreement, subject to Bankruptcy Court approval of the transaction, the winning bidders plan to begin winding down the company’s operations and conduct going-out-of-business sales at all store locations.

Scott Carpenter, CEO of GA Group’s Retail Solutions and Wholesale & Industrial Solutions teams, told the Akron Beacon Journal — part of the USA TODAY Network — that most of the closing Joann stores would remain open until the end of May.

Joann store closure in University Centre isn’t the first store to file for bankruptcy in that location.

Two doors down, teen apparel Rue21 store completed liquidation sales May 2024. A year earlier, Bed Bath & Beyond also closed stores after bankruptcy. Both spaces remain empty, although the Bed Bath & Beyond location did get use as a Spirit Halloween store in 2023.

The company statement

“JOANN leadership, our Board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,” the company statement reads. “We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”

Jonathan Limehouse and Patrick Williams contributed to this story. Cheryl M. Whitaker covers community news for the StarNews. Reach her at cheryl.whitaker@starnewsonline.com.