Fabric and Craft Retailer Joann , Files for Bankruptcy.
The 81-year-old company made the announcement on March 18, CNN reports. .
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. .
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. .
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