Joann Files for Chapter 11

The Arts & Crafts retailer has filed for bankruptcy protection after struggling for years to stay afloat amidst a decrease in crafting as a hobby, and consumers shifting towards lower-priced goods. Joann has entered a transition agreement with its key financial stakeholders and seeks to reduce its debts by USD 500 million.

This comes as no surprise, since the retailer has been on bankruptcy watch for the last few years.

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