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. Joann and certain affiliates have filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
Additionally, Joann will become a private company again and will be delisted from the Nasdaq stock exchange, just two years after itearlier that year that the COVID-19 pandemic had spurred growth in the sewing and broader crafting industry, with people across the U.S. fashioning their own masks and using the additional time at home for DIY pursuits.
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