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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.

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Beyond Basic Pumpkin Knitting Patterns

Over the years I have shared a lot of pumpkin knitting patterns, and I’ve knit and crocheted a lot of pumpkins myself. But it feels like there are always more fun things to try with knit pumpkins, so this year I wanted to look a little more beyond basic stockinette or ribbed pumpkins and share some pumpkin patterns with cables, bobbles and colorwork. 

In the cable collection we’ve got these cute little basic cable and ribbed pumpkins from Elly Bear Knits. There are two sizes that make a wide, flat pumpkin and a taller round pumpkin. Both are worked in the round as a tube that’s cinched top and bottom when you’re done, and they use bulky weight yarn. 

Another cute cable pumpkin knitting pattern comes from Gray Bear Akswokrat. This one is knit flat and it looks like a chunky yarn but you could use other weights to make pumpkins of different sizes. This one also has an I-cord stem and uses yarn to cinch up the sections of the pumpkin, giving it a more natural look. 

Add some bobbles to your pumpkins with this design from Autumn Shelter Makes. Also worked in the round in a tube, it features a repeating pattern of bobbles and uses yarn wrapped around the outside to make segments. This one looks like worsted weight yarn to me. 

Of course there’s nothing that says your pumpkin has to be a single color, so let’s throw in some colorwork. I love the look of the Cozy Fall Pumpkin knitting pattern from South Stitch Girls. The little leather loop adds a rustic touch but you could also just add a stick. These pumpkins have five colorwork options and are worked in worsted weight yarn in the round. 

There’s also the Autumn Fair Isle Trio pumpkins pattern from Equestriann Style, which has three different sizes of pumpkins with four colorwork designs. They are worked in super bulky yarn in the round and look good with high contrast or more muted color combinations.