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, which had ballooned to $1 billion. Its roughly 850 stores and website will remain open for business.
Joann’s operates a store in Tullahoma.
