Joann files for bankruptcy — again
New York CNN — Joann, the fabrics and crafts retailer, has filed for bankruptcy for a second time within a year and announced that it’s seeking a sale. That stunted sales and put its $615 million debt in an “untenable position.” The company joins a growing list of struggling brick-and-mortar stores that are unable to stay financially viable in a changing consumer environment. The “last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step,” said interim CEO Michael Prendergast said in a press release. “Unless Joann is able to find a higher bidder during a bankruptcy auction, Gordon will take control of the company and most likely launch going out of business sales, and remaining employees will be laid off,” he told CNN.
Craft supplies retailer Joann declares bankruptcy for the second time in a year
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