Fabrics retailer Joann files for bankruptcy [CNN]
JOANN, Inc. - common stock (JOAN)
Company Research
Source: CNN
In a statement Monday, the Ohio-based company said it filed for Chapter 11 bankruptcy protection and has secured $132 million in fresh funding that helps reduce its debt in half, which had ballooned to $1 billion. Its roughly 850 stores and website will remain open for business. Joann's revenue has been on the decline in recent years, except for a brief pandemic boom during the height of Covid when people stuck at home spent more money on arts and crafts. However, that has since faded, and inflation has soared, prompting customers to spend less on non-essential items. “This agreement is a significant step forward in addressing Joann's capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver best-in-class product assortments and enhance the customer experience wherever they are shopping with us,” said Scott Sekella, the company's chief financial officer, in the company statement. Joann's stock was delisted from
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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