Joann, the retailer known for selling fabrics and crafts for the last 82 years, has filed for bankruptcy and says it is preparing to close more than half of its U.S. locations. The retailer told USA TODAY in a statement Wednesday that it would be closing "approximately 500" of its roughly 850 locations across the U.

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.

GA Group and a loan lender were selected as winning bidders to acquire Joann's assets, plan to wind down operations and hold going-out-of-business sales.