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:

I love a good pattern with a bit of whimsy, and luckily for me that’s easy to find when it comes to Easter knitting patterns. Read on for fun patterns with a theme of bunnies, chicks and eggs, perfect to knit for Easter and beyond.

There’s something about the combination of babies and Easter (and knit things, of course) that is just extra cute, so I couldn’t help sharing this bunny ear hat for babies from Catherine Anfield. It’s actually a set that includes a matching romper, but I’m focused on that sweet hat with the droopy bunny ears. It’s worked in worsted weight yarn, sized to fit a newborn and available on Ravelry.

For bigger kids and adults, Amanda Berry has this cute bunny ears headband, which is a free pattern on Ravelry. They call for bulky weight yarn and are worked in garter stitch, so they’re a great project for beginners.

Whether your egg hunt involves real eggs or the candy variety, you might want to knit up something to keep them warm. WarmandKnittedS on Etsy has a cute set of egg warmers with an Easter twist including a little hat, a chick, a bunny, an owl, a carrot and a sheep. The patterns call for sport weight yarn.

The patterns from Wild Welsh Knitting say they are specifically for creme eggs, but they would probably cozy real eggs just fine, too. This set includes a rabbit, hen, chick and piggy all worked in DK weight yarn. These knit up super fast for a fun little addition to your egg hunt or as a fundraiser.

How about eggs that look like bunnies? Amy Gunderson has this cute pattern (with knit and crochet versions) for an egg shaped rabbit that looks like it’s wearing a little ear hat made with a contrasting color. The pattern calls for worsted weight yarn, but try different weights to get different sizes of eggs. You can find the pattern, called Egg-cited, on Ravelry.

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