Fabric and crafts retailer Joann files for Chapter 11 bankruptcy protection: What to know [USA TODAY]
JOANN, Inc. - common stock (JOAN)
Company Research
Source: USA TODAY
In a statement , the Hudson, Ohio-based retailer said it has secured approximately $132 million in new financing and "related financial accommodations." It expects to reduce its funded debt by about $500 million, or half of its $1 billion total debt. Joann was founded in 1943 and sells a variety of crafting supplies including fabric by the yard, sewing machines, Cricut machines, yarn, home decor and more. Here's what we know about the company and its future plans. Who owns Joann? Joann said the company expects to complete the Chapter 11 bankruptcy process on an expedited bases, as early as April 2024, and will become a private company after, with shares no longer listed by the Nasdaq or any other national stock exchange. The company went private in 2011, when it was purchased by the equity firm Leonard Green & Partners for about $1.6 billion. In 2021, Joann, still majority owned by Leonard Green & Partners, went public at an initial public offering at $12 a share. Is Joan
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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
- News Quiz: March 22, 2024 [FOX News]FOX News
- The Daily Money: Catch solar eclipse from the sky? [USA TODAY]USA TODAY
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