Craft Retailer Joann Files for Chapter 11 Bankruptcy

In an expected move, craft store chain Joann has filed for bankruptcy to help the company deal with debt problems.

According a news release issued by the company, Joann has “received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.”

“This agreement is a significant step forward in addressing JOANN’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver best-in-class product assortments and enhance the customer experience wherever they are shopping with us,” chief financial officer Scott Sekella said in the release.

According to a story in The Washington Post (link is free to read), Joann will become a private company after the bankruptcy proceedings, which could be complete as early as next month. The company says it currently has no plans to close stores or make any changes to its website. The release says the company, which was founded in 1943, has 829 stores in 49 states and “95 percent of which are cash flow positive.” And I literally got an email from them while I was writing this post.

(As an aside, the headline on that Post story suggests Joann’s problem is they have lost sales as people “pull back on essentials,” but if they’d ever met a crafter they would know craft supplies are always essential, we just might be buying them from different places, or buying less that we used to.)

Joann has set up a website, Joann Forward, with more details on their restructuring, including FAQs for customers, suppliers, landlords and team members. According to those pages, “this agreement is a significant step forward in addressing JOANN’s capital structure needs. It will provide us with the financial resources and flexibility necessary to deliver best-in-class product assortments and enhance the customer experience wherever they are shopping with us.”

You can also find case filings and information for claimants here.

As someone who does most of her in-person craft shopping at Joann, I’m certainly wishing them well and will update as needed with more information on the Joann bankruptcy filing.

Next Pattern:

I’ve shared a lot of Christmas stocking knitting patterns over the years (see posts 1, 2, 3 for example) but what if you want to knit a stocking for a non-human member of your family. If you’re looking for Christmas stocking knitting patterns for your cats or dogs, this is the post for you.

These large paw print stockings are perfect for either dogs or cats, so they’re great to knit if you have both. They are worked in the round using DK weight yarn, and the stocking measures about 17 inches/43 cm from the top to the heel. You can get the pattern from nicolaluke.

The K4 Project has a super cute Kitty Christmas stocking pattern, which is worked in worsted weight yarn. They also have a dog version, or you can buy both and get a discount if you have both dogs and cats to knit for. Both projects have two patterns, showing how to work the stockings flat or in the round.

Put your dog into a Christmas scene with this stocking pattern from ifanhourChild. It shows a dog in a dog house in the snow, and has room for the dog’s name at the top. It’s worked flat using worsted weight yarn and the pattern includes charts for many small and medium dog breeds (there’s a separate listing for bigger dogs) so you can stitch a dog that looks like yours.

Annie’s Woolens has both dog and cat stocking knitting patterns that are worked in worsted weight yarn in the round. You can change up the colors to suit your pet if you want, and they come with an alphabet chart for personalization. Or you can stick with holiday colors and buy a kit to make the dog or cat stocking.

Waiting for Santa Paws is a pattern from Kate Agner on Ravelry that would be cute for a dog or a cat. It looks like a leg with a paw print on the bottom part of the foot and more paw prints running around the top of the leg. This is a great option if you don’t want to mess with a heel turn because it doesn’t have a heel, because dogs and cats don’t have heels so why would their stockings?

Book Review – 20 to Knit: Tiny Christmas Toys to Knit

Book Review – Knit Christmas Stockings

Next Pattern:

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