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Joann Files for Bankruptcy Again

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Last March the craft retailer Joann announced that it was filling for Chapter 11 bankruptcy and that the company would become a private company with a better handle on its debt. The first part did happen, but the company has now filed again and is looking for a buyer, and the next chapter might not be so rosy for crafters who depend on the retailer.

In the most recent filing the company said it has $615.7 million in funded debt obligations and $133 million in trade debt, according to a story from Yahoo Finance. Interim CEO Michael Prendergast said the company faced “unanticipated inventory challenges” and sluggish sales coming off the pandemic. Bloomberg News had reported in November that Joann was asking vendors for rebates and retroactive discounts as sales slumped.

A news release from Joann says that all stores will remain open for now. In it Prendergast said “the last several years have presented significant and lasting challenges in the retail environment” and their financial position and inventory problems have forced the move.

The company is looking for a buyer but has a “stalking horse bidder” offer from Gordon Brothers Retail Partners, which will serve as the starting bid as the company await other offers. If there are other offers, the company will have an auction around Feb. 12.

If there are no better options the company will sell to Gordon Brothers, which specializes in liquidating companies and is involved in the closure of Big Lots.

John Bringardner from the research firm Debtwire told CNN that if/when Gordon Brothers takes over Joann it will likely start going out of business sales and lay off employees.

Of course that’s something we don’t want to see as crafters. It’s terrible to see big players in the industry go down, potentially leaving people without local places to buy supplies. (I shop at Joann and if it closes there will only be Hobby Lobby and the sad craft section at Walmart for me. The closest Michaels is about 50 miles away.) I’ll keep an eye on the story and update you when there’s more to tell.

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Make Your Knitting Machine Scarves Better

I feel like it’s been a while since I’ve shared any patterns for our circular knitting machine users. I know these devices aren’t for everyone but even though I much prefer knitting by hand, it is kind of fun to crank things out on these machines.

One of the most common early projects for a circular knitting machine is a scarf. Which makes sense, because it’s just one long tube and you can make it as long as you like.

One problem that comes from knitting scarves on the circular knitting machine, though, is that it can be hard to know how to finish the ends of the tube so that it looks like a finished scarf and not a tube of knitting.

If you’re not a knitter or crocheter, the most basic way to finish a circular knitting machine scarf is just by cinching up the ends and maybe adding a pompom to each end to cover up any hole that might still be visible at the end.

But if you have a little knitting or crochet skill or are willing to learn, there are a lot of different options for closing up the ends of a scarf. And this would also be true if you hand knit a tube scarf!

I recently wrote a post over at Our Daily Craft that includes five different ways to close up the ends of a tube scarf:

  • the simple cinching method mentioned above
  • sewing the stitches together
  • three needle bind off
  • grafting
  • crochet bind off

Grafting is my favorite because I feel like it gives the cleanest, closest to a seamless look. If you’re a knitter you may already know how to do it but even if you don’t it’s not that hard to learn.

Do you knit tube scarves by hand or machine? I’d love to know how you like to finish them!