Major crafts retailer Joann files for bankruptcy

An online portal revealed, Joann said its 800 stores will remain open nationwide during the bankruptcy proceedings. According to The Hill, the Joann’s will continue to operate while it repays its debt. It will be with respect to the operations continuing in stores and online. Another obligations to employees, vendors, landlords and other trade creditors will be paid, reports indicate.


He is known for its sewing, fabrics and arts and crafts offerings. “Over the past several months, JOANN has made meaningful business improvements through the execution of our Focus, Simplify and Grow cost reduction initiative,” Chris DiTullio, Chief Customer Officer and co-lead of the Interim Office of the CEO said in a statement.
They are excited by our progress on both top and bottom-line initiatives in the past year. Later, confident the steps we are taking will allow JOANN to drive long-term growth. He appreciated the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change. The Chapter 11 process is expected to be complete as soon as late April.