Update 3/18/24: JOANN has indeed filed for Chapter 11 bankruptcy. It looks like they’re not planning on closing any stores as of right now and they hope to exit bankruptcy proceedings in April 2024.
Although they haven’t filed for it yet, reports state that JOANN Fabric is planning on filing for Chapter 11 bankruptcy in the coming days/weeks.
They’ve apparently cottoned on to the fact that their high debt and interest payments have put them in a precarious financial situation. That means their lawyers will likely have to be satin bankruptcy court in the near future.
We don’t know leather or not their current lenders will agree to their bankruptcy plans or if they won’t be suede because it’ll be felt that JOANN is trying to fleece them out of the money they’ve borrowed.
Fur now, there’s no change for JOANN gift card holders. Their gift cards are still valid and would, in all likelihood, continue to be valid through bankruptcy proceedings. However, if JOANN is unable to get the debt restructuring it needs and has to go into liquidation, they might stop accepting gift cards as payment fairly quickly. That kind of thing can happen quickly, sew even if they’re not trying to act like a tulle and pull the wool over your eyes, it’s worth having a plan to redeem any gift cards you have laying around your p-lace.
Reading this left me in stitches. 10/10
The failure of this store has left me all torn up.
Title seems misleading, “Plans to file” seems more accurate at the present time.
Stephen, I didn’t think it was possible to have so many fabric puns in one post. Kudos!
Bravo. Although this is a wrinkle in the fabric of gift card news, I had to start a thread to acknowledge the effort put into the article.
I sure hope they get this ironed out; otherwise, the stores will be threadbare.
Parents don’t let your children use AI to write their papers unless their teachers have a sense of humor!
This was all my original work!