Joann’s Fabric and Crafts Files for Bankruptcy; Stores to Remain Open
Joann’s Fabric and Crafts, the 81-year-old fabric and craft retailer, has filed for bankruptcy as it struggles with customers cutting back on discretionary spending. In a statement Monday, the Ohio-based company said it filed for Chapter 11 bankruptcy protection and has secured $132 million in fresh funding, which will help reduce its debt by half, …
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