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, which had ballooned to $1 billion. Its roughly 850 stores and website will remain open for business.

Joann’s operates a store in Tullahoma.

Lucky Knott

Lucky Knott

One of Southern Tennessee's most experienced and recognized news broadcasters and play-by-play sportscasters. News and Sports Director for Rooster 101.5 FM, 93.9 The Duck and Whiskey Country 105.1, and 95.9. He is currently the play-by-play voice of the Coffee County Red Raiders (31 years) on The Rooster 101.5 and can be heard M-F broadcasting our local news. Lucky has done play-by-play for 3,993 (and counting) sports events on Radio & TV. He also served four years as the Public Information Officer for the Coffee Co. Sheriff's Dept. and taught Radio/TV for six years at Grundy County High School.

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