Posted 3/18/2024, 1:07:18 PM
Joann Files for Bankruptcy, Secures Funding to Stay Open Amid Debt and Revenue Struggles
- Joann, an 81-year-old fabric and craft retailer, has filed for Chapter 11 bankruptcy
- The company has secured $132 million in new funding to help reduce its $1 billion debt
- Its 850 stores and website will remain open during the bankruptcy process
- Revenue has declined in recent years, except during a brief pandemic craft boom
- The bankruptcy will allow Joann to streamline operations and become privately owned
