JOANN files for bankruptcy

[brilokuloj]

JOANN filed for bankruptcy again

Announced in a press release today, JOANN has initiated Chapter 11 bankruptcy proceedings for the second time in this year and this time is seeking sale of the company. The sale process is expected to take 2 months. JOANN customers can continue to shop online and in the stores during that time according to the press release. The current bidder for the company, Gordon Brothers, has indicated that they will liquidate and close the business. The company spokesperson said they are seeking other bidders.

Crafts Retailer Joann Files Second Bankruptcy in a Year

The company must first win court approval for the sale process. Joann already has an offer from liquidator Gordon Brothers Retail Partners, which would serve as the initial bid, setting a floor for how much the company is worth. Should higher offers come in by Feb. 12, the company would hold an auction, according to court papers.

Under the proposal from Gordon Brothers, if no higher bids come in to rescue the chain, Joann would sell to the liquidator, which specializes in shutting down retailers and conducting going-out-of-business sales.
Joann’s stores will remain open meanwhile, the company said in a statement.

All the alternatives in my area are quilting supply stores which is not the same thing, and I don't want to buy online because I have sensory issues. Shit sucks.

[Unknown]

Noooooo that sucks. The news broke when I was physically AT the joanns getting copious small amounts of fabric for a project. That sucks to hell.

[feely]

this is gonna affect the fursuit economy so badly
where the fuck else am i gonna get 5 inch thick foam for 75% off

[brilokuloj]

this is gonna affect the fursuit economy so badly

That's exactly what I was thinking!