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Fabric and crafts retailer Joann Inc., which has been a destination for generations of quilters, knitters and other lovers of crafts for more than 80 years, is going out of business and shuttering all its stores. The announcement comes after the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection in January, the second time in a year. It then vowed it would keep all of its stores open. But earlier this month, Joann said it planned to close 500 stores _ or more than half of its nationwide footprint. The company said on Sunday that after a recent auction, financial services company GA Group, together with Joann’s term lenders, were selected as the winning bidder to “acquire substantially all of Joann’s assets.”

Struggling fabric and crafts seller Joann plans to close about 500 of its stores across the U.S. — or more than half of its current nationwide footprint. The move, announced Wednesday, arrives amid a tumultuous time for Joann. Last month, the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection for the second time within a year, with the company pointing to issues like sluggish consumer demand and inventory shortages. It’s now looking to sell the business — and maintained in a filing Wednesday that closing “underperforming” locations is necessary to complete that process.

The executive director of a federal control board that oversees Puerto Rico’s finances says it is “impossible” for the U.S. territory to pay the $8.5 billion bondholders are demanding in a bankruptcy case involving the island’s power company. Robert Mujica Jr. said Tuesday that Puerto Rico’s government can pay creditors $2.6 billion as he unveiled a new fiscal plan for the Electric Power Authority that was requested by a federal judge. The plan does not call for any rate increases to help pay off the company’s debt of more than $9 billion, and the projected expenses are higher than those in the previous fiscal plan.

Frontier Airlines is attempting for a second time to merge with the now bankrupt Spirit Airlines, which declared bankruptcy late last year as budget airlines struggle. Frontier Group Holdings, the parent company of Frontier Airlines, said Wednesday that the proposed deal would include newly issued Frontier debt and common stock. Frontier tried to merge with Spirit in 2022 but was outbid by JetBlue. However, the Justice Department sued to block the $3.8 billion JetBlue deal, saying it would drive up prices for Spirit customers who depend on low fares, and a federal judge agreed in January. JetBlue and Spirit dropped their merger two months later.