Joann Inc. which for decades supplied cunning Americans artistic materials and fabric Section 11 Bankruptcy Defense.
In a statement received by Reuters on Sunday, an 82-year-old company announced its plans to sell all assets to the buyer group. Initially, Joann’s executives hoped the buyer would continue his business, but the highest participant of the competition plans to start selling business in all places.
As of January, Joan had more than 800 retailers in the US, though hundreds of those who closed last month. As recently last month, the company also had an inventory of $ 538.3 million and worked as $ 19,000 in all US states except Hawaii.
But the company also reported a $ 615.7 million debt when it applied for bankruptcy $ 11, including over $ 133 million to its suppliers. The monthly cost of launching its hundreds of places amounted to only $ 26 million in a monthly rent.
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On Wednesday, September 19, 2018, buyers are part of the LLC Joann Store LLC in Peory, Illinois, USA. (Daniel Aker / Bloomberg via Getty Images / Getty Images)
The court documents also indicate that Joan recently faced problems with his suppliers who eliminated certain products on which the network relied. At the same time, the supplies of yarn and sewing became unpredictable, threatening John’s reputation as a “all in one” store for fans.
In January, the company began to close about 500 seats. The company’s press -secretary told Fox Business that the closure was a step to the maximum increase in the cost and durability of its business.
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On Wednesday, September 19, 2018, in Malin, Illinois, Illinois, Illinois, Illinois, Illinois, Illinois, Illinois, Illinois, Illinois. (Daniel Aker / Bloomberg via Getty Images / Getty Images)
“Careful performance analysis of the store and future strategic fitness for the company determines which stores should remain, as usual at this time,” the representative explained. “The right size of our store is an important part of our efforts to make a better way for Joan.”
Joan’s latest ad comes after a difficult year for the company. In March 2024, it fell for the first time in its history to section 11, although at the time avoided the closure of any of the 800 places.
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On Wednesday, January 8, 2025, the customer enters Joann in El -Serita, California, USA. (David Paul Morris / Bloomberg / Getty Images)
Customers with Joann gift cards are allowed to use them until February 28. The closing of the other Joann stores will be stopped over the next few weeks to minimize violations of suppliers, customers and employees.
Reuters and Fox Business’ Danielle Genoverse contributed to this report.
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2025-02-24 23:48:00
