Fabric and Craft Retailer Joann , Files for Bankruptcy.
The 81-year-old company made the announcement on March 18, CNN reports.
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The retailer has also secured $132 million in new funding to cut its debt in half.
Joann's 850 stores and website will remain operational.
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This agreement is a significant step forward in addressing Joann’s capital structure needs, , Scott Sekella, Joann's chief financial officer, via statement .
... and it will provide us with the financial resources and flexibility necessary to continue to deliver best-in-class product assortments... , Scott Sekella, Joann's chief financial officer, via statement .
... and enhance the customer experience wherever they are shopping with us, Scott Sekella, Joann's chief financial officer, via statement .
The Nasdaq has delisted Joann's stock.
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The company will become privately owned after the bankruptcy process.
The bankruptcy of Joann has been looming for a long time and was always a matter of when, rather than if, Neil Saunders, managing director and retail analyst for GlobalData, via note.
The bankruptcy process will now allow the arts and crafts chain to receive an infusion of cash at the same time as streamlining its operations and reducing debt levels, Neil Saunders, managing director and retail analyst for GlobalData, via note
