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:

Blankets are a great blank slate project that you can change up in a million different ways. From color to stitch pattern to size, the possibilities are almost endless.

Jared Flood, the designer behind Brooklyn Tweed, was inspired by a log cabin quilt his mother made in 1995 to re-create that design in knitting, which led to more blankets and ultimate Brooklyn Tweed’s Knit and Crochet Blankets, which includes 25 patterns from an array of designers using different skills and techniques to make cozy, pretty blankets.

The patterns are divided into three aesthetic themes: traditions, minimalism and colorplay. The patterns are rated on a scale of one to five, with one being the easiest, and there aren’t any pieces rated five. Two blankets are rated one, 14 are two, eight are three and one is four.

In addition, three of the 25 patterns are crocheted, but they either use single crochet or granny stitch, so they are pretty easy even if you don’t do a lot of crochet. You can see all the patterns on Ravelry.

Some of my favorites include Rattan by Rastus Hsu, a chunky blanket worked in knits and purls with simple crossing stitches to make a raised woven look; Homewood by Seth Richardson, covers in dramatic, loopy cables; Ainur Berkimbayeva’s Tessellate, one of the beginner projects that doesn’t really look beginner but is totally worked in knit and purl stitches; Warp + Weft by Aist? Butkevi?ien?, which is mostly knits and purls but makes a fun woven look fabric that blew my mind a little bit; and the same designer’s Canyonland, a multicolored blanket with wavy stripes.

The patterns tell you how to resize them for different dimensions and include information on pattern repeats where it is possible to make a totally custom size.

Many different techniques are included here such as cables, lace, shadow knitting, intarsia and other colorwork techniques, as well as modular knitting and lots of sewing pieces together. The patterns are all presented with charts, but there are line by line written instructions available on the Brooklyn Tweed website if you need them.

The book ends with a deep dive into log cabin knitting, telling the story of the quilt Jared’s mom made and how he made it in knitting, as well as the multitude of variations you can make if you want your own log cabin style design.

The back of the book includes a little written information about some of the special techniques needed, but there are no photos.

This is a lovely book full of inspiration for knitting and crochet blankets for any skill level. If you like to make blankets as gifts or aspire to have a handmade blanket in every room of the house, these designs would be a great place to start.

About the book: 192 pages, paperback, 25 patterns. Published 2024 by Abrams Books, suggested retail price $24.99.

Next Pattern:

Have you read?

Leave a Reply