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Joann files for Chapter 11 bankruptcy, stores to remain open [Video]

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Small Business Funding

None of the company’s more than 800 U.S. stores are expected to be affected by the bankruptcy, and will remain open alongside the Joann website.

WASHINGTON — Joann’s stock was delisted from the Nasdaq and will become privately owned following the bankruptcy process, which it expects to happen as fast as next month.

In a statement released Monday, the 81-year-old company said it had secured $132 million in funding meant to cut its debt significantly. The company owes over $2.44 billion, according to Monday’s Chapter 11 petition, with about $2.26 billion in assets. 

The additional money, combined with other funding secured by the company, will allow Joann to cut approximately $505 million from the books, according to the statement. 

“Over the past several months, JOANN has made meaningful business improvements through the execution of our Focus, Simplify and Grow cost reduction initiative,” said Chris DiTullio, the company’s chief customer officer. …

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