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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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Patchwork Blanket Knitting Patterns

Any time of year is a good time for stash busting, but if you can combine it with knitting a blanket that will keep you warm when it (finally!) gets cooler that’s even better. Let’s take a look at some fun patchwork blanket knitting patterns. 

If you want to keep it super simple, you can just make blocks of garter stitch and sew them together, like the beginner’s patchwork baby blanket from Mini Baa Baa or the color block blanket from Make and Do Crew. Both projects are worked in strips and sew together, with the baby version calling for two strands of DK or light worsted weight yarn held together and the larger one using bulky yarn. 

Add a little more texture with the mixed blocks of the cottage quilt throw from Mama in a Stitch. This one combines garter stitch and seed stitch and uses worsted weight yarn. She used a crochet join to make the chains on top of the blocks, but you can join them however you like. It calls for eight colors but you can use what you have, and there are three size options. 

Get a real sampler style patchwork blanket with this design from Knit Sew Make. It calls for worsted weight yarn and has four size options. All of the patterns just use knit and purl stitches so this one is still pretty easy for beginners. 

If you want a more complex colorwork project that will keep you entertained all season, try the Peace by Piece blanket pattern from Needle and Feather. This one is made up of two color colorwork blocks and calls for worsted weight yarn. You can choose to use just a few of the blocks and repeat them more often, or make multiples of the whole set. 

The knitted patchwork recipe from Martine Ellis (free on Ravelry) uses mitered squares in fingering weight yarn, so it’s perfect for using up all your leftover sock yarn and mini skeins. This one is a tutorial more than a pattern so you can make your blanket as big as you like or keep going until you run out of yarn. 

Susan B. Anderson’s 100 Squares blanket (find it on Ravelry) has a lot of mitered squares, too, but they’re arranged in fun ways and includes some quilt inspired designs as well. This one also is a bit of method more than pattern but it sure looks like a lot of fun for using all the leftovers. 

Of course you can totally improvise a patchwork blanket using the yarn and stitches you like, but I hope these patterns inspire you to look at your leftover yarn in a new way.