Joann Inc. announced this week that it expects to complete a reorganization plan soon that will allow it to emerge from bankruptcy as a private company.
The Hudson-based company filed for Chapter 11 bankruptcy last month.
Joann Inc. is one of the largest arts and crafts chains in the country, with around 800 stores and more than 18,000 employees.
By becoming a private company, Joann Inc. said it will be able to keep its stores open and workers employed.
“We are grateful to our financial and industry stakeholders, whose support enabled us to continue operating smoothly and move through this process on an expedited basis. Their investment not only provides us with additional financial resources, but also reflects their confidence in our Team Members and in our business to seize on the opportunities ahead. With a strengthened balance sheet and improved liquidity, we are better positioned to work collaboratively with our vendors, business partners and landlords, and ultimately to inspire the creativity in our customers that helps them find their happy place," said Scott Sekella, JOANN’s chief financial officer and co-lead of the interim office of the CEO.
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