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

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.

Crafts retailer Joann Inc plans to close all of its stores in bankruptcy, after failing to find a buyer willing to preserve some of the 82-year-old company's 800 U.S. retail locations. The company plans to sell all its assets to a buyer group that includes its lenders and a company called GA Group,