JOANN Fabrics Bankruptcy on the Horizon?

Financial media is reporting crafts retailer JOANN Fabrics could file a Chapter 11 bankruptcy as soon as next week as part of a deal to eliminate company debt and cede control to lenders. What does this mean for the future of fabric & craft stores?
https://www.bloomberg.com/news/articles/2024-03-02/crafts-chain-joann-joan-is-planning-a-bankruptcy-filing-giving-lenders-control
https://www.pymnts.com/news/retail/2024/report-craft-retailer-joann-considers-bankruptcy-filing/
https://investorplace.com/2024/03/joan-stock-alert-joann-is-on-the-brink-of-bankruptcy/
https://www.leonardgreen.com/about-lgp/

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