Crafts Retailer Joann Files Bankruptcy After Consumer Retreat [BNN Bloomberg (Canada)]
JOANN, Inc. - common stock (JOAN)
Company Research
Source: BNN Bloomberg
The chain listed assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion in a Chapter 11 petition filed in Delaware State. The company lists up to 100,000 creditors. A Chapter 11 filing lets Joann keep operating while it works on a plan to repay creditors. Like many of its retail peers, Joann had been contending with changing consumer shopping habits and years of declining revenues. The pandemic ended up being a brief bright spot for the company, as cooped-up consumers boosted spending on at-home activities like crafting. The chain cut its debt load in an out-of-court deal in 2020, but later struggled to contend with supply chain problems and inflation that led consumers to cut back on discretionary activities. Much of its debt load is also floating rate, leaving it with higher interest costs in recent years. The Hudson, Ohio-based company operates around 850 stores in 49 states. The case is JOANN Inc., 24-10418, US Bankruptcy Court of Delaware. --
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News
- Gordon Brothers Provides $100M Exit Facility Commitment as Agent for Jo-Ann Stores [Yahoo! Finance]Yahoo! Finance
- Opinion: America briefly rediscovered a love of sewing. It wasn't enough to rescue Joann Fabrics [CNN]CNN
- Opinion: America briefly rediscovered a love of sewing. It wasn't enough to rescue Joann Fabrics [CNN]CNN
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JOAN
Earnings
- 12/4/23 - Beat
JOAN
Sec Filings
- 3/22/24 - Form 8-K
- 3/18/24 - Form 8-K
- 3/15/24 - Form 3
- JOAN's page on the SEC website