Posted 3/18/2024, 10:42:31 AM
JOANN Files for Bankruptcy, Secures Financing to Keep 800+ Craft Stores Open
- JOANN Inc., a fabric and craft company based in Hudson, Ohio, has filed for bankruptcy
- The company has entered into an agreement to restructure its finances and continue operating stores
- JOANN listed assets of $500M-$1B and liabilities of $1B-$10B in its Chapter 11 petition
- The bankruptcy filing will allow JOANN to keep its over 800 stores open while it works on a repayment plan
- JOANN has secured $132M in new financing to support store operations during the bankruptcy process
