• Home
  • Suggest A Craft
  • DIY Newsletter

Knitting

Patterns, projects and techniques

  • About CraftGossip
  • Our Network
    • Bath & Body Crafts
    • Candle Making Ideas
    • Crochet Ideas
    • Cross Stitch
    • Edible Crafts
    • Felting Patterns
    • Glass Art
    • Home & Garden Ideas
    • Indie Crafts
    • Jewelry Making
    • Kids Crafts
    • Knitting Patterns
    • Lesson Plans
    • Needlework
    • Party Ideas
    • Polymer Clay
    • Quilting Ideas
    • Recycled Crafts
    • Scrapbooking
    • Sewing Patterns
    • Card Making
    • DIY Weddings
    • Not Craft Ideas
  • Giveaways
  • Roundups
  • Store
  • Search

Joann Files for Bankruptcy Again

January 15, 2025 by Sarah White

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.

Next Pattern:

  • Craft Retailer Joann Files for Chapter 11 Bankruptcy
  • Stitches Shuttered as XRX Files for Bankruptcy
  • Joann Bankruptcy Updates
«
»

Have you read?

Super Fun Colorwork Socks to Knit

When I knit socks (which sadly I have not done in a while; need to get a new pair on the needles soon!) I generally stick to pretty simple designs and colorwork that isn’t all that detailed. 

Don’t get me wrong, I love a fancy sock, I’m also just pretty lazy and I figure a project worked on size 0 or 1 US needles is going to take a long time even without the added work of intricate colorwork, so why make it more complicated?

But there are definitely socks out there I’d be willing to make an exception for, and I think Tangled Bliss by Annette Schleicher may just be one of them. 

If you can’t tell from looking, this is decidedly an advanced knitting pattern. There’s brioche for the cuffs, complex looking colorwork done with the ladderback jacquard technique, multiple charts, and colors changing everywhere. 

There are links to tutorials for all the special skills in the pattern, but still it would help to have a handle on these concepts before you get started. 

The pattern uses three colors of light fingering weight yarn at a whopping 31 stitches per 4 inches/10 cm (that’s 7.75 stitches per inch/2.5 cm). 

Would you believe me if I told you that this pattern was designed for a speed knitting contest? Speed would be the last thing on my mind. 

But again, I think all the work for these fancy socks would be worth it. I love hoe the colorwork looks like an old tile floor, and think of the bragging rights when you tell people you made them yourself. (Though of course you did; have you ever seen store-bought socks that look anything like this?)

Best of all, this pattern is available for free on Ravelry, so there’s no reason not to give it a try if you’ve got the skills. If you do, I’d love to hear about it!

[Photo: Annette Schleicher]

Elevation Yoga Socks Knitting Pattern [Knitting]

How to Adjust Sock Knitting Patterns [Knitting]

 

Categories

baby hat Baby Patterns Beginner Book Reviews cardigan Christmas CraftGossip Giveaways Craft News and Events Free Kntting Patterns Giveaways! Hats Knitting Articles Of Interest Knitting Patterns Knitting Technique & Ideas mittens Quick scarf shawl patterns socks Sweaters

RSS More Articles

  • Free Crochet Pattern – Easy Sleeveless Top
  • Hot Sitz Bath for Hemorrhoids: A Natural DIY Remedy for Soothing Relief
  • How to Make a Birthday Card with Owl from Winnie the Pooh
  • The Perfect Dress for Your Little One! Try This Adorable Tulip Dress Pattern
  • The Art of Needlework: A Quilters Handbook Book
  • How to Created a Summer Booklets Mini Album
  • Super Fun Colorwork Socks to Knit
  • Labubu Cross Stitch Patterns
  • Rustic Town Canvas Leather Tote Bag
  • My Favorite Jeans- Crochet Top

Copyright © 2025 · CraftGossip | Start Here | Contact Us | Link to Us | Your Editors | Privacy and affiliate policy