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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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Textured Hat Knitting Patterns

There are all sorts of knitting techniques you can use on hats, but some of my favorites are textured stitch patterns or cabled hats worked in a single color. Check out these great textured hat knitting patterns and find your next fall favorite. 

The K?pekapeka hat from The Practice of Fibre was the one that got me started thinking about textured hat knitting patterns. This one has a simple zig-zag pattern worked with purls. This hat uses centered double decreases for shaping to help keep the pattern going as you finish the top of the hat. It uses worked weight yarn. 

Little Totz Designs has this simple knit hat that uses worsted weight yarn and an allover knit-purl stitch pattern that’s easy to memorize. This one would be a great first hat in the round pattern if that’s something you haven’t tried before. 

The Fia Beanie from Honey and Grace Fiber Co is another simple stitch pattern that’s full of texture. It calls for bulky yarn so it should stitch up in no time in this great textured diamond design. 

Kalurah Hudson’s Cindersmoke hat is an interesting stitch design that uses double moss stitch and bands of slipped stitches throughout the pattern, which is where the decreases are worked, keeping the rest of the pattern as established. It uses bulky yarn and is sized for adults, and you can find it on Ravelry.

Benjamin Matthews has such pretty designs that often turn out to be simpler to knit than they look. The Snow Carved Beanie (find it on Ravelry) for example only uses knits, purls and slipped stitches, but it has a design that looks almost like cables. The pattern uses worsted weight yarn and has a foldover brim for extra warmth. 

While I wanted to keep the focus in this roundup on simple stitch patterns, basic cables are not that much more difficult than regular knitting, and the lattice pattern on this CrissCross Hat form the Purling Princess is so charming I couldn’t resist sharing. This hat comes in three sizes (baby, child and adult) and uses worsted weight yarn. It would be a great gift to knit if you’re thinking about that.