Joann Fabrics files for Chapter 11 bankruptcy

Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy as it seeks to reorganize its finances. In a release accompanying its filing, Joann said stores and the company's 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.

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 debuting at about $12 and rising to nearly $17, its shares are now worth less than $0.25. Joann has been without a full-time CEO since last May, when Wade Miquelon, who led the company for seven years, announced his retirement last May after a “challenging” year.

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