The closure of the more than 2.2 million-square-foot plant would leave 1,700 people without jobs.
It's the end of an era for a beloved restaurant that has been part of Chapel Hill's fabric for 49 years.
Bahama Breeze is facing an uncertain future after closing 15 of its locations last month.
Michaels announced Thursday it had acquired the fabric and craft retailer Joann and its intellectual property.
Alpek, a Mexico-based polyester company, said it is shutting down operations at its site in the Cedar Creek area.
See which retailers plan to stay open for Easter and which plan to close their doors for the upcoming spring holiday.