Joann files for bankruptcy amid consumer pullback and higher costs [Yahoo! Finance]
JOANN, Inc. - common stock (JOAN)
Company Research
Source: Yahoo! Finance
The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process. Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand. As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement. The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC J.C. Penney and Party City . Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com. In Joann's case,
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JOAN
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