Joann Hopes For Fast Track Exit From Chapter 11 In Pre-Pack Deal [Forbes]
JOANN, Inc. - common stock (JOAN)
Company Research
Source: Forbes
The Ohio-based retailer announced that it had entered into what is called a “transaction support agreement” (TSA) with the majority of its financial stakeholders and is targeting a fast track turnaround to go private. The financial restructuring contemplated by the TSA will be implemented through a pre-packaged court-supervised process in which Joann will continue to operate in the ordinary course of business. On completion of the process, progressed via the District of Delaware, Joann will be owned by a number of its lenders and industry parties and its shares will no longer be listed on the Nasdaq, the company said in a statement today. Joann added that it had received around $132 million in fresh financing and said that it expects to reduce funded debt on its balance sheet by approximately $505 million. According to its most recent quarterly earnings release, the company is currently more than $1 billion in debt. Joann operates 829 stores across 49 states around the U.S. and
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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