We collect cookies to analyze our website traffic and performance; we never collect any personal data.Cookies Policy
Accept
Michigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
Reading: Craft retailer JOANN recordsdata for chapter — once more
Share
Font ResizerAa
Michigan PostMichigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
© 2024 | The Michigan Post | All Rights Reserved.
Michigan Post > Blog > Michigan > Craft retailer JOANN recordsdata for chapter — once more
Michigan

Craft retailer JOANN recordsdata for chapter — once more

By Editorial Board Published January 15, 2025 2 Min Read
Share
Craft retailer JOANN recordsdata for chapter — once more

(WJET/WFXP) — Craft retailer JOANN filed for Chapter 11 chapter on Wednesday morning, marking the second time the corporate has accomplished so in a yr. Now, the corporate is seeking to promote.

The submitting comes after JOANN moved to shut a number of of its places across the nation. Regardless of these closures, the corporate introduced that each one of its shops will stay open through the course of, and on-line purchasing will even be obtainable.

Crafts Retailer JOANN recordsdata Chapter

JOANN beforehand filed for chapter in March 2024, when it initially cited points with rising rates of interest and lowering gross sales after a spike in gross sales through the COVID-19 lockdown in 2021 and 2022. Regardless of makes an attempt in June 2023 to cut back prices, the corporate held over $1.06 billion in funded debt on the time of submitting.

Now a yr later, the corporate is seeking to promote. After exiting the earlier chapter, JOANN began to implement its subsequent marketing strategy, however the firm hit a serious roadblock when it encountered stock challenges and regular, sluggish retail gross sales. These elements resulted in main debt, which now sits at about $615 million for the corporate.

Inflation and excessive rates of interest, as referenced within the earlier submitting, continued to influence the corporate after its final restructuring. The corporate did publish internet gross sales of $2 billion in 2024, although stock challenges did “irreparable harm” to its capacity to service its restructured funded debt.

As a part of the bidding course of, an preliminary bidder, Gordon Brothers Retailer Companions, has been established and has set the bottom worth for bidding.

JOANN, which was based in 1943, at the moment operates roughly 800 shops and 40 distribution facilities. The corporate employs 19,000 workers, 3,400 of whom are full-time and 15,600 part-timers. The retailer is finest identified for promoting stitching, arts and crafts, and residential decor merchandise.

TAGGED:bankruptcycraftfilesJOANNretailer
Share This Article
Facebook Twitter Email Copy Link Print

HOT NEWS

Norman Tebbit: Former Tory minister who served in Margaret Thatcher’s authorities dies aged 94

Norman Tebbit: Former Tory minister who served in Margaret Thatcher’s authorities dies aged 94

Politics
July 8, 2025
Images: Kershaw’s highway to three,000

Images: Kershaw’s highway to three,000

The Dodgers’ Clayton Kershaw’s highway to three,000 strikeouts began in his very first sport, when…

July 8, 2025
'Not in a position to sustain': Capital Space Humane Society trying to broaden clinic

'Not in a position to sustain': Capital Space Humane Society trying to broaden clinic

LANSING, Mich. (WLNS) – The Capital Space Humane Society is trying to broaden its spay-and-neuter…

July 8, 2025
Historic Rome’s Migrant Disaster | Economics

Historic Rome’s Migrant Disaster | Economics

The globalists refuse to declare the migrant disaster an “invasion,” however we have now historical…

July 8, 2025
Nolan Schanuel earns walk-off stroll to carry Angels previous Texas Rangers

Nolan Schanuel earns walk-off stroll to carry Angels previous Texas Rangers

Travis d’Arnaud is aware of Jacob deGrom higher than another catcher in baseball. He caught…

July 8, 2025

YOU MAY ALSO LIKE

How possible is flash-flooding in Mid-Michigan?

LANSING, Mich. (WLNS) – Within the wake of catastrophic flash flooding in Texas that has claimed the lives of at…

Michigan
July 8, 2025

South Michigan Meals Financial institution unveils new cell meals pantries

JACKSON, Mich. (WLNS) - The South Michigan Meals Financial institution is unveiling its new Cell Markets initiative, a part of…

Michigan
July 8, 2025

MSU to carry emergency train Tuesday morning

LANSING, Mich. (WLNS) -- In case you see a lot of first responders on Michigan State College's campus Tuesday morning,…

Michigan
July 8, 2025

Hundreds with out energy in East Lansing

LANSING, Mich. (WLNS) -- Hundreds of Board of Water and Mild clients misplaced energy Monday night. The reason for the…

Michigan
July 8, 2025

Welcome to Michigan Post, an esteemed publication of the Enspirers News Group. As a beacon of excellence in journalism, Michigan Post is committed to delivering unfiltered and comprehensive news coverage on World News, Politics, Business, Tech, and beyond.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 | The Michigan Post | All Rights Reserved

Welcome Back!

Sign in to your account

Lost your password?