Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month. Following this process, Joann will likely become privately-owned by certain lenders and industry parties, the company added — meaning its shares would no longer bewill continue to operate normally during the bankruptcy process.
In addition to Monday's filing in U.S. Bankruptcy Court, Joann said it had received about $132 million in new financing and expected to reduce its balance sheet's funded debt by about $505 million.Scott Sekella, Joann’s chief financial officer and co-lead of the CEO’s interim office, said that the transaction support agreement marked a “significant step forward” in addressing the company’s capital structure needs.
Joann listed more than $2.44 billion in total debts and about $2.26 billion in total assets in Monday's Chapter 11 petition, which was filed in Delaware, citing October 2023 data. The company, which was founded back in 1943, previously went private in 2011 — when it was purchased by equity firm Leonard Green & Partners for about $1.6 billion.A decade later Joann, still majority owned by Leonard Green & Partners, went public in an initial public offering at $12 a share.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crafts retailer Joann files for Chapter 11 bankruptcy protectionFabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
Read more »
Crafts retailer Joann files for Chapter 11 bankruptcy protectionFabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
Read more »
Fabrics and crafts retailer Joann filed for bankruptcyThe Ohio-based retailer said it expects to complete the restructuring as early as next month. Joann’s 850 stores and online business will continue to operate...
Read more »
Joann files for Chapter 11 bankruptcyFabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending. In a Monday release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month.
Read more »
Joann Fabrics files for Chapter 11 bankruptcyRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
Joann fabrics stores, website to remain open after company files for bankruptcyJoann, the 81-year-old fabric and craft retailer, has filed for bankruptcy as it struggles with customers cutting back on discretionary spending.
Read more »