NEW YORK (AP) — Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending.
In a Monday release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month.
Following this process, Joann will likely become privately-owned by certain lenders and industry parties, the company added — meaning its shares would no longer be publicly traded on stock exchanges.
Joann's more than 800 stores and its website will continue to operate normally during the bankruptcy process.
A decade later Joann, still majority owned by Leonard Green & Partners, went public in an initial public offering at $12 a share.
Persons:
Joann, Scott Sekella, Leonard Green
Organizations:
Bankruptcy, Monday's, Leonard Green & Partners, & $
Locations:
Hudson , Ohio, Delaware