Streamed on: Mar 18, 6:31 pm EDT

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News Art & Creativity sewing sewing report sewing report live joann fabrics joann joann bankruptcy joann employees joann stores fabric stores

*BREAKING NEWS! 🚨 JOANN has initiated Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware*
- Expedited process expected to be complete as early as late April
- Following this process, JOANN is expected to become a private company owned by some lenders and industry parties (no longer publicly traded)
- JOANN has secured commitments for about $132 million in new financing and related financial accommodations
- Expected to reduce funded debt by $505 million
- Store and online operation will remain normal during the restructuring process under current leadership team

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