Joann Fabrics Files for Bankruptcy After 81 Years, But Stores to Stay Open
- Joann Inc. files for Chapter 11 bankruptcy after 81 years in business
- Will continue operating stores and website as normal during restructuring
- Was founded in 1943 and operates 829 stores across 49 states
- Has secured $132 million in new financing commitments
- Expects to reduce funded debt by $505 million through restructuring
