JOANN Seeks Bankruptcy to Cut Debt, Go Private While Staying Open

• JOANN files for Chapter 11 bankruptcy to restructure debt while continuing operations • Over $1 billion in funded debt cited along with decreasing sales after 2021 peak • Expects to receive $132 million in new capital and reduce debt by over $500 million • Aims to complete restructuring by late April 2024 and become a private company • Visit https//www.joannforward.com/ for more details on the company's path forward