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:

In the interest of full disclosure, I’ve never watched Gilmore Girls. I know I probably should, but I feel like I wasn’t quite the right age for it when it came out and I’ve never gone back to watch it. That said, fans of the show are sure to enjoy these knit homages to the beloved characters from Stars Hollow in Gilmore Girls: The Official Knitting Book.

Edited by Tanis Gray, the book includes 29 projects for hats, cowls, scarves, socks, mitts, garments and home decor designed by a variety of stitchers.

Six of the projects are rated easy, 17 intermediate and six for advanced knitters.

The projects are sometimes literally inspired by the show, such as the tam Rory wore when she went golfing with her grandfather, while others incorporate icons, quotes (like “I smell snow”) and logos (Luke’s Diner) from the show.

There’s a hat made to look like newsprint as a nod to Rory’s journalistic aspirations, mitts and gloves for supporting the teams at Stars Hollow High, a beaded lace scarf inspired by Rory’s adventure with the Life and Death Brigade, and a cardigan designed to show Paris’s love of macaroni and cheese.

Some of the patterns are less obviously related to the show, like a cowl with falling leaves or an argyle vest.

Each pattern comes with a quote from the show and a little back story about the cast, different storylines or the inspiration behind the design. The book is scattered with photos from the show and other fun facts about its production.

In the back of the book you’ll find a glossary of techniques (words but no pictures), and the book has a ribbon bookmark to hold your place on the pattern you’re working on.

This book would be a fun gift for a knitter who is a Gilmore Girls fan, or use it to stitch something up for someone who watches this show as their comfort show almost 25 years later.

About the book: 200 pages, hardcover, 29 patterns. Published 2024 by Insight Editions, suggested retail price $34.99

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Have you read?

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