Bad news for the crafters out there: more Joann fabric and craft stores are slated to close in the coming weeks, according to industry and local reports.
The retailer, which operates around 850 stores in 49 states according to its website, filed for Chapter 11 bankruptcy protection in Delaware back in March. In a statement at the time, the Ohio-based retailer said it had secured approximately $132 million in new financing and “related financial accommodations” and expected a reduction of its $1 billion total debt by about $500 million.
The company went private in 2011, when it was purchased by the equity firm Leonard Green & Partners for about $1.6 billion. In 2021, Joann was still majority-owned by Leonard Green & Partners and went public at an initial public offering at $12 a share…