Joann has 850 stores nationwide which will remain open as the company seeks a buyer.
Joann, the crafts and fabrics chain, has filed for bankruptcy a second time in less than a year.The Ohio-based company first filed for bankruptcy in March 2024 and became a private company a month later to keep its U.S. stores. Joann is searching for a buyer to rescue the company from liquidation.
7 million of funded debt obligations as well as $133 million of trade debt due and outstanding, according to Chapter 11 documents filed on Wednesday in a Delaware court."The last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step," interim CEO Michael Prendergast said in a press release, obtained by CNN.
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