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:

Stitch dictionaries are a fun way to learn new-to-you knitting stitch patterns or to take a deep dive into a particular technique. Debbie Tomkies offers 100 cable stitch designs and thoughts on how to incorporate them into projects in her Cable Knitting Stitch Dictionary.

Each stitch pattern is shown in a large swatch photo and with written and charted instructions. Any special stitches are included on the page. The stitches are rated on a difficulty scale of 1 to 3, and the pattern notes also indicate how many extra stitches you should add to a project if you’re going to work this cable (since cables pull the fabric closer together you need to compensate for that) as well as how many stitches and rows are in the repeat if you want to design a project yourself.

The cables are arranged into sections: classic cables, combinations, all-over panels, creative cables, motifs and panels and cabled edges and borders.

It’s fun to flip through the designs to think about projects you can add a single cable or two to or make with an allover cabled design. Or you could make swatches of different cables and sew them together into a pillow cover or a throw.

At the back of the book there’s a section on general cable knitting techniques, reading charts, working swatches and avoiding errors (though it mentions working the wrong number of rows between cable turns, it doesn’t share how to count rows between cables to avoid this mistake).

It also talks about how to design your own cables, combine cables in a project, choose the right yarn and needles and determine how many more stitches you need to cast on when working cables instead of stockinette stitch. There’s also a glossary of symbols and abbreviations you may find in cable knitting and other patterns.

The book provides a good overview of things you can do with cables, as well as some fun things you might not have tried like infinity cables and horizontal cables. It’s a great book for a designer who likes to work with cables or a knitter who wants to play with different stitches in their projects.

About the book: 176 pages, paperback, 100 stitch patterns. Published 2024 by David & Charles. Suggested retail price $26.99.

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