Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
Don’t miss out on these fabulous Insider DealsFILE - People walk into and out of a Joann store, Sept. 6, 2007, in Garfield Heights, Ohio. The fabric and crafts retailer has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending. In a Monday, March 18, 2024 release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month.
In addition to Monday's filing in U.S. Bankruptcy Court, Joann said it had received about $132 million in new financing and expected to reduce its balance sheet's funded debt by about $505 million. Joann listed more than $2.44 billion in total debts and about $2.26 billion in total assets in Monday's Chapter 11 petition, which was filed in Delaware, citing October 2023 data.
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