Fabric and craft retailer Joann will shut down all of its stores after more than 80 years of operations.

Financial services firm GA Group and Joann’s term lenders, which were selected as the winning bidders of the company’s assets, have decided to wind down ongoing operations. The plans are still subject to court approval.

The company expects to begin, or in some cases continue, going-out-of-business sales at all locations immediately. The sales will also be available on its e-commerce website and mobile app.

“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 said on a website dedicated to restructuring.

“We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the negative impact on all Joann team members, vendors, customers and communities,” it added.

This comes after a comprehensive sale process and auction as part of its Chapter 11 process. The company sought bankruptcy protection last month, the second time in less than a year,  citing sluggish demand and inventory shortages.

Earlier this month, the retailer reportedly planned to shutter approximately 500 stores, more than half of its network in the country.