Crafts retail chain Joann Inc. (NASDAQ: JOAN) may declare bankruptcy as early as next week. The bankruptcy would be a part of a deal that would transfer control to Joann’s lenders and help the company get rid of its debt.
In its latest quarterly report, Joann reported a 4.1% drop in both net sales and comparable sales. Its shares have lost 85% of their value in the last year.
Joann, which is headquartered in Hudson, Ohio, offers a variety of products and services, including cotton fabric, yarn and needle arts, garden and outdoor decor, and sewing machines. The company operates 829 stores across 49 states in the U.S.
Last month, financial guidance website CreditRiskMonitor listed Joann Inc. among U.S. companies at high risk of filing for bankruptcy this year. In September 2023, JoAnn Inc. laid off an undisclosed number of employees at its corporate headquarters, including Tom Dryer, Vice President and Controller and former Interim Chief Financial Officer.
Joann Inc (NASDAQ: JOAN) did not immediately respond to CEOWORLD magazine’s request for comment.
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