Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending. In a Monday release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month.
FILE - People walk into and out of a Joann store, Sept. 6, 2007, in Garfield Heights, Ohio. The fabric and crafts retailer has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending. In a Monday, March 18, 2024 release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month.
Joann’s more than 800 stores and its website will continue to operate normally during the bankruptcy process. Vendors, landlords and other trade creditors should also not see any pay disruptions, the company said, pointing to a deal it had struck with most of its shareholders for financial support. Scott Sekella, Joann’s Chief Financial Officer and co-lead of the CEO’s interim office, stated that the transaction support agreement marked a “significant step forward” in addressing the company’s captial structure needs.Crypto firm Terraform Labs files for Chapter 11 bankruptcy protection
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