Hudson-based fabrics and craft retailer Joann Inc. has filed for Chapter 11 bankruptcy.
The Chapter 11 filing allows its 850 stores and Joann.com to remain open and operate as normal.
Joann's lenders struck a deal that would help the company reduce debt by about $505 million.
The company hopes to finish the restructuring as early as next month.
Following this process, Joann is expected to become a private company owned by some of its lenders.
