Joann will likely become privately owned by certain lenders and industry parties, meaning its shares would no longer be publicly traded.
Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
Joann's more than 800 stores and its website will continue to operate normally during the bankruptcy process. Vendors, landlords and other trade creditors should also not see any pay disruptions, the company said, pointing to a deal it had struck with most of its shareholders for financial support. Joann listed more than $2.44 billion in total debts and about $2.26 billion in total assets in Monday's Chapter 11 petition, which was filed in Delaware, citing October 2023 data.
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Crafts retailer Joann files for Chapter 11 bankruptcy protectionFabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
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Crafts retailer Joann files for Chapter 11 bankruptcy protectionFabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
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Crafts retailer Joann files for Chapter 11 bankruptcy protectionFabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
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Fabrics and crafts retailer Joann filed for bankruptcyThe Ohio-based retailer said it expects to complete the restructuring as early as next month. Joann’s 850 stores and online business will continue to operate...
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Joann files for Chapter 11 bankruptcyFabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending. In a Monday release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month.
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Joann Fabrics files for Chapter 11 bankruptcyRob Wile is a breaking business news reporter for NBC News Digital.
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