Hudson’s Joann emerges from bankruptcy as a private company

HUDSON, Ohio — Fabrics and crafts retailer Joann officially emerged from bankruptcy Tuesday, and is once again a privately-held company just two years after its initial public offering.

As part of the deal, a group that includes lenders, vendors and other “industry parties” were given ownership in Joann, and the publicly-traded shares were cancelled. Joann traces its roots to 1943, when Hilda and Berthold Reich and Sigmund and Mathilda Rohrbach opened a haberdashery in Cleveland, called the Cleveland Fabric Shop. It grew steadily, expanding to 18 stores in 20 years. In 1963 it was renamed Jo-Ann.

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