Retailer Joann Fabrics Files for Bankruptcy as Americans Cut Back

March 18, 2024 | Major fabric and craft retailer Joann announced Monday that it was filing for bankruptcy as consumers pull back on spending due to harsh economic conditions. The retailer recently reached an agreement with a majority of its financial stakeholders as well as other financing parties, giving the company around $132 million in new financing while also reducing the debt on the company’s balance sheet by around $505 million, according to an announcement from Joann. Retail sales across the U.S. economy have continued to slump in recent months, growing just 0.6 percent month-to-month in February, not including inflation, and declining 1.1 percent in January as consumers pull back on non-essentials as prices rise.

JOANN Fabrics and Crafts files for backrupty, Local News

Analysis Ties Surge in Inflation to Increased Spending, Value of

inflation The Ohio Star

Republican Derek Merrin Elected as New Speaker for the Ohio House

Crafts retailer Joann said to be considering a bankruptcy filing (NASDAQ:JOAN)

Joann Inc., 829 Store Chain Files Bankruptcy Fabrics & Furnishings International is the global home & contract sourcing quarterly newspaper since 1990. It covers the upholstery and curtain fabrics industry worldwide;

Far-Left Wisconsin U.S. Senator Tammy Baldwin Announces Bid for a

Say It Ain't SEW! Will Joann Fabrics Stores Close?

Joann files for Chapter 11 bankruptcy, stores to remain open

Economy The Ohio Star

Joann, the 81-year-old fabric and craft retailer, has filed for bankruptcy as it struggles with customers cutting back on discretionary s