Joann Fabrics, a prominent craft and fabric retailer, has filed for Chapter 11 bankruptcy for the second time in less than a year. The company aims to restructure its finances and potentially sell its business. Gordon Brothers Retail Partners, known for rescuing retailers like Big Lots, has submitted a bid to acquire Joann.
Joann Fabrics, a major craft and fabric retailer, is seeking bankruptcy protection for the second time in less than a year. The company filed for Chapter 11 bankruptcy on August 1st, 2023, aiming to restructure its finances and potentially sell its business. Gordon Brothers Retail Partners, a firm known for rescuing struggling retailers like Big Lots, has already submitted a bid to acquire Joann. This isn't the first time Joann has faced financial difficulties.
In March 2024, the company filed for bankruptcy but emerged a month later as a private entity, retaining all its stores. However, the resurgence proved short-lived, and Joann is now back in bankruptcy proceedings. While Gordon Brothers' bid is under consideration, Joann remains open to other offers. The company emphasizes that its stores and online platform will continue operating as usual throughout the sales process, and all employees will receive their regular pay. This latest bankruptcy filing highlights the ongoing challenges faced by brick-and-mortar retailers in a rapidly evolving consumer landscape
BANKRUPTCY RETAIL JOANN FABRICS GORDON BROTHERS RETAILERS CHALLENGES RESELL
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