By ANNE D'INNOCENZIO AP Retail Writer

NEW YORK (AP) — 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."