The Ohio-based retailer said it expects to complete the restructuring as early as next month. Joann’s 850 stores and online business will continue to operate...
The Ohio-based retailer said it expects to complete the restructuring as early as next month. Joann’s 850 stores and online business will continue to operate normally, according to the company statement.
The Hudson, Ohio-based chain will be delisted after the bankruptcy proceedings and be privately owned by “certain of its lenders and industry parties,” according to a company statement released as it filed a Chapter 11 petition in Delaware early Monday. The filing listed liabilities of $1 billion to $10 billion.Joann’s lenders struck a restructuring deal to provide about $132 million in new financing that would help the company reduce debt by about $505 million, the firm said.
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