Crafts retailer JOANN files for bankruptcy
- Joann files for Chapter 11 bankruptcy, reducing debt by half to $1 billion.
- Revenue decline due to cut-back on discretionary spending by customers.
- Expected to emerge from bankruptcy as privately owned by lenders and industry parties.
104 Articles
104 Articles
Ohio-based retailer Joann files for bankruptcy amid debt struggle, market shifts
Drowning in loans, Ohio-based retailer Joann has filed for bankruptcy. Unable to keep up with its debt obligations, the retailer, which maintains 850 stores and an online site, is expected to complete bankruptcy restructuring as early as April. According to the company, its storefronts and online shop will continue operating as normal. Joann will be delisted from public markets and taken under private ownership following the restructuring. As of…
Joann files for Chapter 11 bankruptcy; says it will keep stores open and hand reins to lenders
HUDSON, Ohio — Fabrics and crafts retailer Joann filed for Chapter 11 bankruptcy protection Monday and plans to cut $500 million of debt by handing over ownership of the company to its lenders.
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