Joann Files for Bankruptcy Again

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:

Last year I shared with you Maxie’s Tank Top by Ainur Berkimbayeva, mostly because I really wanted to knit one (and I still do, maybe this year I’ll finally get to it!). I also am really attracted to patterns that seem to look good on everyone, which this tank top does.

Now Ainur has released a sweater version of the top, known as Maxie’s V-neck, and it seems to have that same wonderful property of looking amazing on everyone, at least as far as I can tell from the pattern’s project page on Ravelry.

This is a top down, V-neck, ribbed top that can be knit with short or long sleeves. Bust darts help with the fit. There are also 13 size options available so you can find just the right fit for you.

The sizes are designed to fit actual bust measurements ranging from 29-32 inches (74-81.5 cm) up to 62-64 inches (158-162.5 cm) and the pattern has instructions for A-C cups, with modification notes in the pattern to help folks with D+ cups make their sweater fit them.

It calls for sport weight yarn, which is probably the only thing that kept me from casting on this sweater immediately when I first saw it because that’s not a yarn weight I typically have in my stash (certainly not in sweater quantity).

Which just gives me an excuse to go shopping! Ainur used Purl Soho Wigeon yarn, which is 100 percent wool from the Falkland Islands. You can check the pattern page for other options that people have used, though wool seems to be a near universal choice as of this writing.

Ainur also does pay what you can on her patterns so if the cost is too much for your current financial situation you can use a code on the page to get a discount. (That said, if you can afford it, please support designers to the extent they ask to be compensated!)

Check out the pattern on Ravelry.

[Photo: Ainur Berkimbayeva]

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