Joann Fabrics Files for Bankruptcy, Seeks to Reorganize Amid Debt and Financial Struggles

• Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy to reorganize finances • Stores and website will remain open and operating as usual • Joann has over $1 billion in debt, shrinking revenues, and widening losses • Went public in 2021 during pandemic DIY boom, but shares have plunged 95% • Has been without permanent CEO since last May after a "challenging" year