Bankrupt sewing and yarn supply retailer Joann is closing its stores after more than 80 years in business. The Hudson, Ohio-based company said that it would sell itself in a liquidation bid after no buyers emerged to run its operations as a going concern.

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

Fabric and crafts retailer Joann Inc., which has been a destination for generations of quilters, knitters and other lovers of crafts, is going out of business.