All Joann locations are set to close after the fabric and craft retailer was auctioned off to a new ownership group.

After filing for Chapter 11 bankruptcy for the second time within a year, Joann's remaining assets were put up for auction. Retail liquidator GA Group and Joann's term lenders won the bidding for the struggling company on Saturday.

In collaboration with the new ownership group, the Hudson, Ohio-based retailer announced it will shut down operations at all stores after conducting going-out-of-business sales at each location.

According to federal court records, the auction results are expected to be formally approved during a hearing on Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

The company had previously announced the closures of "approximately 500" of its more than 800 locations across the U.S.

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"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," the statement continues.

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 — on Saturday that most of the closing Joann stores would remain open until the end of May.

Last week, Joann began its going-out-of-business sales at the roughly 500 stores that were already set to close. Now, the sales are set to be rolled out across all locations.

Here is what to know about Joann's incoming owners and the fabric retailer's looming closures.

Who is the GA Group?

Scott Carpenter said the GA Group has a decades-long history with Joann. Their past work includes assisting Joann in buying former competitor, House of Fabrics, in the late 1990s and helping increase the retailer's store footprints from 2006 to 2016.

Carpenter said the new ownership group is planning to roll out a "multimillion-dollar retention plan" for Joann's around 19,000 employees that includes organizing job fairs and granting workers time off so they can interview for other jobs.

"We will help (Joann) close these stores with empathy, professionalism and efficiency," Carpenter said.

GA Joann Retail Partnership competed with stalking horse bidder Gordon Brothers Retail Partners for ownership of the fabric and crafts retailer over the weekend.

What to know about Joann's going-out-of-business sales

Joann's going-out-of-business sales began at closing locations on Saturday, Feb. 15, and are expected to run for months.

“Only inventory available on-site at those stores will be part of the closing sales,” the company said in a news release.

No information about specific discounts is available online, but when contacted by USA TODAY last week, some Joann stores said that base discounts ranged between 10-20%, with some Christmas items being discounted as high as 75%.

According to Joann’s restructuring website, the retailer said it is not accepting gift cards. Discounts for Girl Scouts, teachers, military and healthcare are also paused. The company also said item returns are not being accepted at the closing locations.

Contributing: Fernando Cervantes Jr., Mary Walrath-Holdridge, Maria Francis and Jim Sergent