Reported about 5 hours ago
Crafts and fabric retailer Joann Inc. has filed for bankruptcy protection for the second time in less than a year due to declining sales and significant debt. The company reported $615.7 million in funded debt and $133 million in trade debt, citing unexpected inventory challenges and a sluggish retail economy as major pressures. Joann plans to commence a substantial sale process for its assets while maintaining store operations.
Source: YAHOO