Joann, a US fabric and crafts retailer with over 800 stores, files for Chapter 11 bankruptcy, aiming for private ownership and debt reduction.

Joann, a fabric and crafts retailer with over 800 stores across the US, has filed for Chapter 11 bankruptcy. The company aims to emerge from bankruptcy as soon as the end of next month and will become privately owned, with its shares no longer publicly traded. Joann expects to receive approximately $132 million in new financing, which will help reduce an estimated $505 million of debt. The retailer plans to continue operating its stores and website during the bankruptcy process.

March 18, 2024
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