JOANN Files for Bankruptcy Protection
March 19, 2024 8:30AM EDT
FILE – People walk into and out of a Joann store, Sept. 6, 2007, in Garfield Heights, Ohio. The fabric and crafts retailer has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending. In a Monday, March 18, 2024 release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month. (AP Photo/Tony Dejak, file)
HUDSON, Ohio (News Talk 1480 WHBC) – The Hudson-based parent company of Joann Fabrics stores has filed for bankruptcy protection.
JOANN filed Chapter 11 paperwork Monday morning, saying it plans to keep stores and its website open during the process.
The company says it secured $132 million in fresh funding.
Its indebtedness had grown at one point to a billion dollars.