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.

Getting ready for back to school makes me think about pencil crafts, so let’s take a look at some pencil themed knitting patterns!

I recently made a pencil on a circular knitting machine, and it was a fun, quick, easy project that uses little bits of leftover yarn (and if you don’t have yellow you can make it a colored pencil using whatever color’s your favorite). And if you want to make a bigger version check out this pattern from Orange Olive Road on Etsy.

If you want to knit a pencil pillow by hand, check out Sketchy, available on Ravelry from Shana S. Cohen. This one uses worsted weight yarn and has two size options and the choice to make a pencil with an eraser or a colored pencil.

Pencil scarves seem to be the most popular kind of pencil knitting pattern, and there are lot of cute ones. This one from Cosy Craft UK mostly uses garter stitch, with some welts to add texture and what looks like an I-cord edging. It calls for DK weight yarn.

If you want to go all garter stitch try this version from Emsley Co Creations, which uses five colors of DK weight yarn and just a little shaping to make the point of the pencil.

There’s also this fun, mostly stockinette so it looks like it curls a bit, pencil pattern that looks like it’s worked in chunky yarn from Little Knits Studio. This one uses just a little garter stitch and easy shaping for the point.

If you don’t want a pencil scarf, how about some pencil socks? The No. 2 Pencil Socks from The Yarn Enabler are available from Ravelry and use five colors of sock yarn. They feature wide ribs to mimic the texture of a pencil and have options to be worked from the top down or the toe up.

Needs Sharpening by Alexander Walker is a free pattern on Ravelry that uses five colors of sock yarn to make a sort of shortie sock. The little bit of black at the tips of the toes inspired the name. These, too, can be worked in either direction and are available in three sizes.

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