Joann files for Bankruptcy

Jo-Ann Stores, LLC, commonly known as JOANN, is an American haberdashery and mercery based in Hudson, Ohio. It was founded in 1943 and boasts 855 locations, with a specialization in textiles and notions. According to reports, Joann has filed for Chapter 11 bankruptcy protection as a result of declining sales in recent years after the pandemic.

The company has secured $132 million in funding that will help reduce half of its $1 billion debt profile and will become a privately owned company after its restructuring. With its stores and websites still operational, this restructuring will provide the company with the financial resources and flexibility necessary to continue to deliver best-in-class products and enhance the customer experience.