Joann is going out of business, but there’s one major problem
The bankrupt fabric retailer is under fire for making a major policy change.
Joann, a popular fabric retail chain founded in 1943, has had a rough few months.
The company filed for Chapter 11 bankruptcy in January, claiming it had accumulated $615.7 million in debt. This form of bankruptcy allows a company to restructure its finances and assets under court supervision as it explores different options that will help improve its financial standing.
