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.

Over the years I have shared a lot of pumpkin knitting patterns, and I’ve knit and crocheted a lot of pumpkins myself. But it feels like there are always more fun things to try with knit pumpkins, so this year I wanted to look a little more beyond basic stockinette or ribbed pumpkins and share some pumpkin patterns with cables, bobbles and colorwork.

In the cable collection we’ve got these cute little basic cable and ribbed pumpkins from Elly Bear Knits. There are two sizes that make a wide, flat pumpkin and a taller round pumpkin. Both are worked in the round as a tube that’s cinched top and bottom when you’re done, and they use bulky weight yarn.

Another cute cable pumpkin knitting pattern comes from Gray Bear Akswokrat. This one is knit flat and it looks like a chunky yarn but you could use other weights to make pumpkins of different sizes. This one also has an I-cord stem and uses yarn to cinch up the sections of the pumpkin, giving it a more natural look.

Add some bobbles to your pumpkins with this design from Autumn Shelter Makes. Also worked in the round in a tube, it features a repeating pattern of bobbles and uses yarn wrapped around the outside to make segments. This one looks like worsted weight yarn to me.

Of course there’s nothing that says your pumpkin has to be a single color, so let’s throw in some colorwork. I love the look of the Cozy Fall Pumpkin knitting pattern from South Stitch Girls. The little leather loop adds a rustic touch but you could also just add a stick. These pumpkins have five colorwork options and are worked in worsted weight yarn in the round.

There’s also the Autumn Fair Isle Trio pumpkins pattern from Equestriann Style, which has three different sizes of pumpkins with four colorwork designs. They are worked in super bulky yarn in the round and look good with high contrast or more muted color combinations.

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