Knitting

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Craft Retailer Joann Files for Chapter 11 Bankruptcy

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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.

Have you read?

Pencil Knitting Patterns

Getting ready for back to school makes me think about pencil crafts, so let’s take a look at some pencil themed knitting patterns! 

I recently made a pencil on a circular knitting machine, and it was a fun, quick, easy project that uses little bits of leftover yarn (and if you don’t have yellow you can make it a colored pencil using whatever color’s your favorite). And if you want to make a bigger version check out this pattern from Orange Olive Road on Etsy.

If you want to knit a pencil pillow by hand, check out Sketchy, available on Ravelry from Shana S. Cohen. This one uses worsted weight yarn and has two size options and the choice to make a pencil with an eraser or a colored pencil. 

Pencil scarves seem to be the most popular kind of pencil knitting pattern, and there are lot of cute ones. This one from Cosy Craft UK mostly uses garter stitch, with some welts to add texture and what looks like an I-cord edging. It calls for DK weight yarn. 

If you want to go all garter stitch try this version from Emsley Co Creations, which uses five colors of DK weight yarn and just a little shaping to make the point of the pencil.

There’s also this fun, mostly stockinette so it looks like it curls a bit, pencil pattern that looks like it’s worked in chunky yarn from Little Knits Studio. This one uses just a little garter stitch and easy shaping for the point. 

If you don’t want a pencil scarf, how about some pencil socks? The No. 2 Pencil Socks from The Yarn Enabler are available from Ravelry and use five colors of sock yarn. They feature wide ribs to mimic the texture of a pencil and have options to be worked from the top down or the toe up. 

Needs Sharpening by Alexander Walker is a free pattern on Ravelry that uses five colors of sock yarn to make a sort of shortie sock. The little bit of black at the tips of the toes inspired the name. These, too, can be worked in either direction and are available in three sizes.