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RenateW69623
Community Champion ⭐
March 18, 2024

JOANN files for bankruptcy

  • March 18, 2024
  • 5 replies
  • 3484 views

Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy.  Anyone who has gift cards may want to use them ASAP.

      5 replies

      KellytheBelly
      KellytheBelly
      Community Champion ⭐⭐⭐
      March 18, 2024

      Thanks, @RenateW69623!

       

      Did a bit of researching and found the following articles...

       

      [NPR]  The arts and crafts giant Joann files for bankruptcy, but stores will remain open

      JOANN Enters into Agreement to Reduce Debt and Receive $132 Million in New Capital and Related Financial Accommodations with Strong Support of Key Financial and Industry Stakeholders  [Mar 18, 2024]

       

      Joann — the craft store chain formerly known as Jo-Ann Fabrics — has filed for bankruptcy amid ongoing financial troubles.

       

      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.

       

      "We remain committed to our suppliers, partners, Team Members and other stakeholders, and are focused on ensuring we continue to operate as usual so we can continue to best serve our millions of customers nationwide," Joann's chief financial officer Scott Sekella said in a statement.

       

      Joann and certain affiliates have filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.

      ⭑ ๋࣭ ⭑... ⌞What the GLITCH!⌝ ... ⭑ ๋࣭ ⭑(っ ͡ ͡° - ͡ ͡° ς) Made of flesh and bone, not chips and blips.
        RenateW69623Author
        Community Champion ⭐
        March 18, 2024

        Hi @KellytheBelly 

        Thanks for posting the details.  I just saw the headline, and since AARP has JOANN rewards, I wanted to let the community know.  Stores may be open for now, but they may start closing some of them in the near future to save money.

          HokiePoq
          Contributor ⭐⭐⭐
          March 18, 2024

          @RenateW69623   You are right.  I said the same thing a couple years ago about BB&B.  Stores did remain open for a while but are all gone now except for the online store.  

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