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:

Not too long ago I was seeing a crochet pattern for a glasses holder shaped like a bear all over the Internet. It was super cute, and also useful as a place to put your glasses on your bedside table instead of just throwing them somewhere random.

This project stewed in my brain for a little while and I decided I needed to make a knit version, but I didn’t want to make a bear. If you know anything about me you might know that I’m a cat person, so of course my version had to be a cat.

The base is just a basic little basic worked from the center out to the desired size, then up the sides as long as you want them. Knit some ears and add embellishments to make it whatever kind of animal you want.

The way I figured out to work the base from the center out was to use a crochet cast on, which gives you an easier way to pick up stitches from the back of the cast on than if you worked a more traditional cast on for a knitting project. It’s kind of fun to do things in a different way from time to time.

This little project is adorable if I do say so myself, and even as a plain little basket not made into an animal it’s a cute way to keep your glasses or other little things in one place. I’m tempted to make one for my desk to hold pens or even little little scissors and sewing needles that are always on my desk but somehow always seem to get lost on my desk.

If you need a little holder for your glasses on your table, check out the pattern at Our Daily Craft.

[Photo: Our Daily Craft]

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