Fabric and craft company JOANN Inc. files for bankruptcy – The Daily Guardia
JOANN Inc., a popular fabric and craft company based in Hudson, has recently filed for bankruptcy in Delaware State. The Chapter 11 petition listed assets ranging from $500 million to $1 billion and liabilities of $1 billion to $10 billion.
To strengthen its financial position, JOANN has entered into a Transaction Support Agreement with financial stakeholders and industry financing parties. The company has also received $132 million in commitments for new financing.
Despite the bankruptcy filing, JOANN’s stores and online platform will continue to operate as usual during the restructuring process. With over 800 stores across the United States, the company aims to enhance product assortments and customer experience.
Earlier this year, JOANN Inc. faced challenges when two of its storefronts in Northeast Ohio closed, contributing to its financial difficulties. However, the company remains optimistic about the future and is committed to providing quality products and services to its customers.
The restructuring process is expected to help JOANN emerge stronger and more competitive in the market. Customers can expect the same level of service and a wide range of craft and fabric supplies from JOANN’s stores and online platform.
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