Retailer Joann Fabrics Files for Bankruptcy as Americans Cut Back
4.6 (512) · $ 13.50 · In stock
March 18, 2024 | Major fabric and craft retailer Joann announced Monday that it was filing for bankruptcy as consumers pull back on spending due to harsh economic conditions. The retailer recently reached an agreement with a majority of its financial stakeholders as well as other financing parties, giving the company around $132 million in new financing while also reducing the debt on the company’s balance sheet by around $505 million, according to an announcement from Joann. Retail sales across the U.S. economy have continued to slump in recent months, growing just 0.6 percent month-to-month in February, not including inflation, and declining 1.1 percent in January as consumers pull back on non-essentials as prices rise.
Crafts Retailer Joann Files for Bankruptcy - The New York Times
Crafts retailer Joann files for bankruptcy as consumers cut back on pandemic-era hobbies
Politics and Policy News from The Minnesota Sun
How Many Jo-Ann Stores Closing in Maine, New Hampshire in 2023?
President Biden
Fabrics Retailer Joann Files For Chapter 11 Bankruptcy Protection
Retailer Joann Fabrics Files for Bankruptcy as Americans Cut Back on Creature Comforts - Tennessee Star
CNN Editorial: Joann Fabrics 'Never Stood a Chance'
Beloved retailer with 850 stores nationwide 'to file for bankruptcy in days' - after launching 90% off closing down sale
At Inauguration, Georgia Gov. Kemp, LG Jones Call for Tax Relief