Crafts Retailer Joann Files for Chapter 11 Bankruptcy as Consumers Cut Back on Pandemic-era Hobbies
Tuesday, March 19th, 2024
Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending and some pandemic-era hobbies.
In a Monday statement, 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 be publicly traded on stock exchanges.
Read More at AP News.
