Joann, an 82-year-old crafts retailer, files for bankruptcy again due to poor sales and stock problems.

Joann, an 82-year-old crafts and fabrics retailer, has filed for bankruptcy for the second time in a year, citing sluggish sales and inventory issues. The company, which operates over 800 stores, must hold an auction within 30 days or lose its collateral funds. Despite the bankruptcy, Joann's stores and website remain open, with employees continuing to receive pay. Gordon Brothers Retail Partners will serve as the initial bidder for Joann's assets.

2 months ago
189 Articles

Further Reading