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.

Fall will be here before we know it, and that means there are holidays coming right behind where we might be entertaining at home. It’s always fun to have a hand knit touch in your home for other people to see, and if you’re going to be in the kitchen all day you might as well have some nice knit dish cloths to use.

I love this little plaid hand towel from Darling Jadore. Use a little bit of leftover cotton yarn from another project for the plaid portion. It looks like the horizontal stripes are worked as you knit and the vertical stripes are done with duplicate stitch, making this a quick and easy project even newer knitters can make.

Combine garter stitch and an easy eyelet pattern worked sideways to make the Annette Dish Towel from Cluck Cluck Boots, which is meant to be reminiscent of flour sack towels. It calls for DK weight yarn and you can work it in one color or two (or even three!).

Add a little more texture with this set of kitchen towels from Whileberry Creative. They’re mostly worked in garter stitch with borders in easy knit/purl patterns, and you can work them in sport or worsted weight yarn.

Two of Wands Shop has another cute allover knit and purl pattern they call the Seersucker Textured Tea Towel. It’s an easy repeating pattern worked in worsted weight yarn, and there’s a chart in the pattern you can use, but don’t have to, if you want to practice knitting from a chart.

The Classic Cloth dish towel from Handmade Home by Connie is another one that can use a little leftover yarn in a contrasting color, or you could color block it our use stripes throughout the pattern. This one uses worsted weight yarn and another easy repeating knit purl stitch pattern.

If you like to hang your towel on the oven handle or elsewhere but it’s always falling off, try the Stay Put kitchen towel from Fancy Step Knits. This project is worked in garter stitch and includes a hole partway through so you can pull the towel through itself over a rod or handle. Stripes are optional but a nice addition.

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