The bankruptcy will affect Joann’s five New Mexico locations in Albuquerque, Santa Fe, Las Cruces and Farmington.

GA Group, an ‘asset disposition’ company, has emerged as the winning bidder of the beloved crafts retailer, which will wind down operations after 82 years. Fabric and craft retailer Joann Inc. is officially shutting down all of its stores following a turbulent bankruptcy process.

Joann has announced its plans to shut down all its fabric and craft stores following a bankruptcy filing in January. In a statement released on Sunday, the company confirmed that GA Group, along with the Prepetition Term Loan Agent, has been chosen as the winning bidder to acquire nearly all of Joann's assets.