After 81 years in business, fabrics and crafts retailer Joann has filed for Chapter 11 bankruptcy protection.
The Hudson, Ohio based company expects its over 800 locations, as well as its website to keep operating normally while it files for bankruptcy.
Joann also announced that it has secured an additional $132 million in funding and anticipates a $505 million reduction in the funded debt shown on its balance sheet.
Sales of the company stock will no longer be available on the stock exchange as the company expects some lenders and industry participants will acquire Joann privately.
"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," Chief Customer Officer Chris DiTullio said in the release.
By - SC
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