Posted 3/18/2024, 4:10:09 PM
Joann Files for Bankruptcy, Seeks to Cut Debt While Keeping Stores Open
- Joann, the arts and crafts retailer, has filed for bankruptcy but its over 800 stores will remain open
- The company is seeking $132 million in new financing and plans to cut its debt by about $505 million
- Joann became a public company in 2021 during increased interest in hobbies during the pandemic
- The company announced layoffs last fall amid declining sales
- Joann expects to become a private company again and be delisted from the Nasdaq stock exchange
