Bright Future Today
  • Investing
  • Business
  • World News
  • Stock
Business

Joann Fabrics and Crafts files for Chapter 11 bankruptcy

by March 20, 2024
March 20, 2024

Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy protection as it seeks to reorganize its finances.

In a release accompanying its filing, Joann said its stores and website would remain open and continue operating as usual.

‘Customers, vendors, landlords, and other trade creditors will not see any disruption in services,’ it said in a release. ‘The Company remains as focused as ever on providing customers with quality products and services that inspire their creativity.

Joann has about 850 stores in 49 states, it said.

In its most recent quarter, Joann posted results showing it was more than $1 billion in debt, with shrinking revenues and a widening net loss, citing an “uncertain consumer environment.”

Wall Street reacted negatively to the news, with Joann shares trading down as much as 20%. The company went public in 2021 as the pandemic lingered and during an apparent boom in at-home, do-it-yourself consumer activity. But after it debuted at about $12 and rose to nearly $17, its shares are now worth less than $0.25.

Joann has been without a full-time CEO since May, when Wade Miquelon, who led the company for seven years, announced his retirement after a “challenging” year.

‘We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change,’ Chris DiTullio, chief customer officer and co-lead of the interim office of the CEO, said in the release.

‘There is no other retailer with the same ability to serve sewists, quilters, crocheters, crafters and other creative enthusiasts as we have for the past 80 years, and we take great pride in seeing the passion and engagement of our millions of customers and our Team Members.”

This post appeared first on NBC NEWS
previous post
United Airlines CEO responds to string of safety incidents that have rattled passengers
next post
JetBlue to leave Kansas City, trim service from Los Angeles and Fort Lauderdale amid financial trouble

You may also like

Netflix stock is trading at all-time high levels...

May 7, 2025

Temu halts shipping direct from China as de...

May 7, 2025

Skechers to be acquired by 3G Capital in...

May 7, 2025

Rite Aid files for second bankruptcy in two...

May 7, 2025

Amazon’s Zoox robotaxi unit issues software recall after...

May 7, 2025

Hatch Baby recalls 919,000 power adapters on Rest...

July 4, 2024

Tesla shares rise on better-than-expected Q2 deliveries report

July 4, 2024

NFL-backed group lines up ‘Sunday Ticket’ streaming for...

July 4, 2024

AI drive-thru ordering is on the rise —...

July 4, 2024

‘NEETS’ and ‘new unemployables’: Why some young adults...

July 3, 2024

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Israeli military issues unprecedented evacuation warning for Yemen’s international airport

      May 7, 2025
    • India launches military operation against Pakistan, explosions heard

      May 7, 2025
    • Netanyahu chooses war – and his political survival – as Israelis demand hostage deal

      May 7, 2025
    • Israeli airstrike on central Gaza school compound housing displaced people kills 22, as military operation intensifies

      May 7, 2025
    • India and Pakistan are on the brink of all-out war. Here’s what we know

      May 7, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Copyright © 2025 brightfuturetoday.com | All Rights Reserved

    Bright Future Today
    • Investing
    • Business
    • World News
    • Stock