Major Retailer Files for Chapter 11 Bankruptcy After 81 Years in Business

By Daniel Walker | March 27, 2024

Major retailer files bankruptcy

Crafts and fabrics retailer Joann filed for Chapter 11 bankruptcy protection while seeking to restructure $1 billion in debt and remain open.

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Joann intends to use bankruptcy to cut its debt in half through funding and negotiate with creditors.

Company remains focused

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“Customers, vendors, landlords, and other trade creditors will not see any disruption in services,” the company stated. “The Company remains as focused as ever on providing customers with quality products and services that inspire their creativity.”