A fabric and craft chain that filed for Chapter 11 bankruptcy and delisted its stock to become a private company has not clarified what it will do with its locations, including one in Ocala.
Joann Inc., which is the corporate entity that owns Joann Fabric and Craft Stores, made the announcement in a press release on Monday.
“To effectuate the recapitalization transactions, JOANN and certain of its affiliates have initiated voluntary prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware,” reads the statement from the company.
The company currently operates 800 stores across the country, including one at 2405 SW 27th Avenue in the Shady Oaks Shopping Center in Ocala. That store is currently open from Monday through Saturday, from 9 a.m. to 9 p.m., and Sunday from 10 a.m. to 6 p.m.
Joann Fabric and Crafts stores sell a wide range of fabrics and supplies for sewing, arts, and crafts.
According to the company, more than “95 percent” of the 800 stores are “cash flow positive.”
“We remain committed to our suppliers, partners, Team Members and other stakeholders, and are focused on ensuring we continue to operate as usual so we can continue to best serve our millions of customers nationwide,” reads the statement from the company.
Joann now sets out to complete a bankruptcy filing on “an expedited basis,” targeting early April 2024.
The company says it has filed motions to continue “uninterrupted operations during the financial restructuring,” allowing the company to continue to pay wages and provide benefits to employees, as well as pay trade vendors and fulfill other obligations that arise during the normal course of business.
For more information on the company’s restructuring, or the read the entire statement, visit the Joann Investor Relations website.
The filing from Joann comes less than a week after Dollar Tree, Inc. announced that it will close 1,000 locations beginning this year.
Similarly, that company has also not announced whether any of the nearly two dozen Family Dollar and Dollar Tree locations around Ocala will close.