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Fabrics and crafts retailer Joann Inc. files for Chapter 11 bankruptcy

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The Ohio-based chain will be delisted after the bankruptcy proceedings and be privately owned by “certain of its lenders and industry parties,” it said.

Fabric and crafts retailer Joann, which operates four stores in the San Antonio metro area, filed Monday for Chapter 11 bankruptcy protection, unable to sustain its debt load after a sales boom during pandemic lockdowns faded. Hudson, Ohio-based Joann Inc. said it expects to emerge from bankruptcy as early as the end of next month.

Tuesday Morning joins Bed Bath & Beyond in closing its stores and having discount sales Like many of its retail peers, Joann has been contending with changing consumer shopping habits and years of declining revenues. The pandemic was a brief bright spot for the company, as cooped-up consumers boosted spending on at-home activities like crafting. But, along with companies including Bed Bath & Beyond and Tuesday Morning, which both shut down last year, it has struggled since.

 

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