Major crafts retailer files for bankruptcy

Published On Jan 15, 2025, 11:58 AM

Joann Inc., a major crafts retailer, has filed for Chapter 11 bankruptcy for the second time in under a year. The company's first bankruptcy filing occurred in March 2024. Managing a challenging retail environment, declining sales, and inventory constraints led to the current filing in Delaware. Joann is now seeking to sell itself to Gordon Brothers Retail Partners LLC, who plans to potentially liquidate the business. Despite this situation, Joann intends to keep all its stores and online operations running while actively soliciting other bids for its assets.