Joann expects to receive $132 million in new financing as part of the bankruptcy agreement. The Ohio-based company will also be delisted from the Nasdaq stock exchange.
A Joann store is seen in Tigard, Ore., in August 2020. The arts and crafts retailer announced Monday that it was filing for bankruptcy.
But DIYers need not worry just yet: The company's more than 800 stores nationwide will remain open and its website will stay active as the Hudson, Ohio-based company restructures its finances.
As part of the court-supervised bankruptcy process, Joann expects to receive $132 million in new financing. It said it will also slice its funded debt by about $505 million, but that"customers vendors, landlords, and other trade creditors will not see any disruption in services."
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