Front entrance of JOANN fabrics and crafts store with green and beige exterior under a blue sky

How GA Group Delivered the Largest Liquidation in U.S. Retail History

In 2025, GA Group was tapped to lead the wind-down of JOANN, a 790-store specialty retailer with $2.0B in inventory and 18M square feet of real estate, marking the largest retail liquidation ever attempted by square footage. Our integrated toolkit and decades of category experience turned a high-risk situation into a high-return execution.

Jo-Ann Fabrics and Crafts store with closing sale signs and shopping carts outside the entrance

Key Capabilities Demonstrated

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Proven Structural Blueprint

Deployed refined playbook from Bon Ton, in partnership with fulcrum debt holders.

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Category Depth

Deep historical expertise from prior engagements with Hancock, Michaels, and JOANN—understanding enthusiast retail behavior and merchandising nuance.

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Capital Partner Agility

In partnership with our new ownership group, Oaktree Capital, GA provided a guaranteed outcome to creditors. With access to billion-dollar- plus balance sheets, GA can support a deal of any size.

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Asset Monetization Expertise

In-house auction team sold corporate FF&E; M&E division leveraged deep market intel to maximize recoveries.

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Wholesale Solutions

Flipped seasonal and DC overstock through direct-to-buyer channels.

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Real Estate Optimization

Leasehold value marketed and sold through GA's top-tier real estate group.

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People Power

Field teams deployed across 49 states to manage all 790 stores in parallel.

Marketing Engine

A critical driver of the JOANN liquidation's success was GA Group's full-funnel marketing engine—one of the most sophisticated campaigns ever deployed in the retail wind-down space. To maximize visibility and drive store traffic across all 790 locations, GA activated a layered media mix spanning paid, owned, and earned channels. On the paid front, campaigns ran across Meta, Google, TikTok, connected TV (CTV), digital out-of-home (DOOH), and search, ensuring omnichannel reach to value-driven shoppers. Owned assets, including targeted email blasts and push notifications, kept loyal customers engaged and informed in real time. To round it out, GA tapped into the DIY and crafting community with a strategic influencer campaign, amplifying urgency and brand alignment during the wind-down. This cohesive strategy didn't just advertise discounts—it preserved brand equity while driving conversion at scale.
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Paid

Meta, Google, TikTok, CTV, DOOH, Search

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Owned

Email, Push Notifications

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Earned

Influencer partnerships to tap into DIY communities

A FULLY-INTEGRATED EXECUTION STRATEGY

No one executes large and complex deals with more speed, coordination, or sophistication.

GA leveraged its structural playbook—refined through past large-scale liquidations —and worked closely with Oaktree Capital to deliver a guaranteed outcome to creditors. Deep experience in the craft and enthusiast retail category allowed GA to tailor store-level strategies that respected the nuances of JOANN's customer base. Simultaneously, GA's in-house auction team and M&E division moved quickly to monetize corporate FF&E, while the Wholesale Solutions group flipped out-of-season inventory and overstock through established buyer networks. The real estate team unlocked leasehold value across 18 million square feet, coordinating sales and negotiations in parallel with store operations. Supporting all of this was a nationwide field force, deployed to manage all 790 stores across 49 states with precision. Tying it together was a powerful marketing engine—not just to drive traffic, but to preserve brand equity and ensure a controlled message across paid, owned, and earned channels. It was this level of orchestration across capital, real estate, wholesale, marketing, and operations that enabled GA to turn a high-risk scenario into a high-return result.

Key Contacts