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:

Just about anything you can make in fabric you can make in knitting, but there are some styles that you just don’t see that often translated into knitting.

For example, a button down collared shirt. This is a classic design, of course, and it looks great in a knit version, but it’s just not something you see much of.

Noma Ndlovu’s Guglethu shirt is the pattern to try if you want to knit your own button down shirt. This one is inspired by cashmere tops (though the sample was made out of yak yarn, not cashmere, and uses two strands of lace weight yarn held together) and includes lots of high-fashion details like double-knit cuffs, collar and shoulder seams.

It has a patch pocket on the front and 10 buttons including the button band and the cuffs.

The designer says you can also use a DK weight yarn held singly if you’d rather, and that the shirt looks good in a variety of yarns. There is another version on Ravelry that uses Berroco Remix Light, which is a mix of nylon, cotton, acrylic, silk and cellulose fibers. It has a more relaxed look but it still really pretty.

The pattern has 12 sizes, with a full bust measurement ranging from 32.35 to 72.25 inches, or 82 to 183.5 cm. The designer suggests 2 to 6 inches, or 5 to 15 cm, of positive ease when you pick your size. I could totally see knitting one that’s even bigger to wear more like a jacket, because I do that a lot with button down shirts I already own.

I love all the details on this shirt, which isn’t necessarily difficult to knit, but might introduce you to some things you’ve never knit before (like those cuffs with the plackets, or a shirt collar like this).

To learn more about this shirt and grab a copy of the pattern for yourself, head to Ravelry.

[Photo: Noma Ndlovu]

Add Some Texture to Your Summer Knitting

Book Review – Knit a Dozen Plus Slippers

Next Pattern:

Have you read?