Joann, a renowned fabric and craft retailer, has recently filed for Chapter 11 bankruptcy for the second time in a year due to financial and inventory challenges. The company had previously filed for bankruptcy protection in March 2024, aiming to reduce its debt by $500 million. Despite the bankruptcy filing, Joann continues to operate its stores and website to serve customers.
The retailer is seeking court approval to sell its assets, with Gordon Brothers Retail Partners, LLC as the “stalking horse” bidder. Joann plans to conduct auctions if more qualified bids are submitted during the sale process. Several stores across different states are also reported to be closing as part of routine evaluation and optimization.
Founded in 1943, Joann sells various crafting supplies and went private in 2011 before going public in 2021 and becoming private again in April. The company’s shares are no longer listed on stock exchanges. Stay updated on the latest developments regarding Joann’s bankruptcy filing and the future of the struggling retailer.
Attribution:
This article was summarized and republished from the original source.
Please check the original article here: https://www.usatoday.com/story/money/2025/01/16/joann-fabrics-bankruptcy-closing/77748650007/.