Crafts retailer Joann Inc. considers Chapter 11 bankruptcy, seeking control transfer to lenders and debt relief.

Crafts retailer Joann Inc. is reportedly considering a bankruptcy filing as soon as next week, part of a deal that would hand control to lenders and allow the company to shed expensive debt. The firm, which operates around 850 stores in the US, is said to be holding confidential talks with its lenders as it seeks fresh capital. A Chapter 11 bankruptcy would allow Joann to continue operating while working out a plan to repay creditors.

March 02, 2024
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