Connect with us

Hi, what are you looking for?

Editor's Pick

Joann Fabrics and Crafts files for Chapter 11 bankruptcy

Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy protection as it seeks to reorganize its finances.

In a release accompanying its filing, Joann said its stores and website would remain open and continue operating as usual.

‘Customers, vendors, landlords, and other trade creditors will not see any disruption in services,’ it said in a release. ‘The Company remains as focused as ever on providing customers with quality products and services that inspire their creativity.

Joann has about 850 stores in 49 states, it said.

In its most recent quarter, Joann posted results showing it was more than $1 billion in debt, with shrinking revenues and a widening net loss, citing an “uncertain consumer environment.”

Wall Street reacted negatively to the news, with Joann shares trading down as much as 20%. The company went public in 2021 as the pandemic lingered and during an apparent boom in at-home, do-it-yourself consumer activity. But after it debuted at about $12 and rose to nearly $17, its shares are now worth less than $0.25.

Joann has been without a full-time CEO since May, when Wade Miquelon, who led the company for seven years, announced his retirement after a “challenging” year.

‘We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change,’ Chris DiTullio, chief customer officer and co-lead of the interim office of the CEO, said in the release.

‘There is no other retailer with the same ability to serve sewists, quilters, crocheters, crafters and other creative enthusiasts as we have for the past 80 years, and we take great pride in seeing the passion and engagement of our millions of customers and our Team Members.”

This post appeared first on NBC NEWS

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Investing

    Overview Steppe Gold (TSX:STGO) is a precious metals development company and gold and silver producer in Mongolia. The company owns the Altan Tsaagan Ovoo...

    Latest News

    Rescuers are searching through rubble and trying to reach isolated communities after a devastating earthquake struck Morocco, killing thousands and leaving more injured or...

    Stock

    LIVE OAK, Fla. — President Biden traveled to Florida on Saturday to survey the damage caused by Hurricane Idalia, part of a storm response...

    Investing

    Investor Insight EMU NL is an Australia-focused base and precious metals exploration company offering a compelling opportunity in the highly lucrative copper space. A...

    Disclaimer: Smartmerchantknow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartmerchantknow.com