Joann has filed for Chapter 11 bankruptcy for a second time within a year due to financial and inventory issues.
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The Ohio-based company first filed for bankruptcy in March 2024 but was able to keep its doors open after emerging as a private company.
“The last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step,” Michael Prendergast, interim CEO of Joann said in a statement.
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Stores will remain open for now and team members will continue to receive pay and benefits, according to the statement.
“We have determined that initiating a courtsupervised sale process is the best course of action to maximize the value of the business,” Prendergast said.
Joann has five stores in the Miami Valley.
We will continue to follow this story.
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