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✓ Published: 18-Mar-2024

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Fabric and Craft Retailer Joann , Files for Bankruptcy.<br/>The 81-year-old company made the announcement on March 18, CNN reports. .<br/>The retailer has also secured $132 million <br/>in new funding to cut its debt in half.<br/>Joann's 850 stores and website <br/>will remain operational. .<br/>This agreement is a significant <br/>step forward in addressing <br/>Joann’s capital structure needs, , Scott Sekella, Joann's chief financial officer, via statement .<br/>... and it will provide us with the <br/>financial resources and flexibility <br/>necessary to continue to deliver <br/>best-in-class product assortments..., Scott Sekella, Joann's chief financial officer, via statement .<br/>... and enhance the customer <br/>experience wherever they <br/>are shopping with us, Scott Sekella, Joann's chief financial officer, via statement .<br/>The Nasdaq has delisted Joann's stock. .<br/>The company will become privately owned after the bankruptcy process.<br/>The bankruptcy of Joann has been <br/>looming for a long time and was always <br/>a matter of when, rather than if, Neil Saunders, managing director and <br/>retail analyst for GlobalData, via note.<br/>The bankruptcy process will now <br/>allow the arts and crafts chain <br/>to receive an infusion of cash at <br/>the same time as streamlining its <br/>operations and reducing debt levels, Neil Saunders, managing director and <br/>retail analyst for GlobalData, via note