BusinessCompany News


Joann won't close any locations after filing for bankruptcy

The company said it would "preserve" the jobs of its 18,000 employees.
Posted at 11:33 AM, Apr 29, 2024

Joann, one of the nation's largest arts and crafts retailers, announced that it will not close any of its over 800 locations despite going through the bankruptcy process in recent months.

The company said it would also preserve the jobs of its 18,000 associates through bankruptcy.

Joann operates 829 locations in 49 states.

"We are pleased to have reached this significant milestone less than 40 days after initiating our court-supervised process," Joann chief customer officer Chris DiTullio said in a statement. "We could not have reached this point without the unwavering dedication of our team members, the continued support of our industry partners and landlords, and the tremendous loyalty and enthusiasm of our customers. Joann will move forward with a strengthened financial foundation, allowing us to invest in customer experience enhancements, our best-in-class product assortments, and our more than 18,000 team members nationwide."

In March, Joann announced that it would file for Chapter 11 and obtain approximately $132 million in new financing. The retailer hoped to reduce its debt by $505 million during bankruptcy.

The company promised landlords and vendors that payments would continue to be made on time. Joann also promised to continue accepting returns and gift cards during its bankruptcy.

Last week, Joann said that its debt is at its lowest level in a decade.