By Denny Jacob
Joann filed for bankruptcy, its second in less than a year as the company looks to maximize the value of its business.
The retailer known for its sewing, knitting and other craft offerings said it has commenced voluntary Chapter 11 proceedings in bankruptcy court. The company is seeking approval to begin a sale of substantially all of its assets to Gordon Brothers Retail Partners, which would serve as the "stalking horse" bidder.
Joann in March filed for bankruptcy and struck a deal with most of its financial stakeholders. It became a private company in April.
Chief Executive Michael Prendergast on Wednesday said it was forced to take this step as challenges in the retail environment combined with its financial position and constrained inventory levels.
Joann on Wednesday said its stores and website are open in the ordinary course of business and continue to serve customers.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 15, 2025 06:33 ET (11:33 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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