Joann Files for Bankruptcy to Cut Debt in Half, Stores to Remain Open

• Joann, the craft and fabric retailer, has filed for Chapter 11 bankruptcy protection to reduce debt.

• The company has secured $132 million in new financing to continue normal operations.

• Joann aims to reduce its $1 billion debt by around 50% through the bankruptcy process.

• The company expects to complete the bankruptcy process by April 2024 and become a private company again.

• Joann stores and its website will continue operating as normal during the bankruptcy.