JOAN - JOANN Receives Court Approval for Prepackaged Financial Recapitalization Plan | Benzinga
HUDSON, Ohio, April 25, 2024 (GLOBE NEWSWIRE) -- JOANN Inc. ("JOANN" or the "Company"), the nation's category leader in sewing and fabrics with one of the largest arts and crafts offerings, today announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Company's Prepackaged Joint Plan of Reorganization. JOANN expects to successfully complete its financial restructuring and emerge from the court-supervised process in the coming days.
As reiterated throughout this expedited process, the Company's more than 800 store locations remain open and JOANN.com continues to offer supplies for any creative need, and the Company was able to preserve the jobs of its more than 18,000 Team Members in connection with this process.
Chris DiTullio, Chief Customer Officer and co-lead of the Interim Office of the CEO, said, "We are pleased to have reached this significant milestone less than 40 days after initiating our court-supervised process. We could not have reached this point without the unwavering dedication of our Team Members, the continued support of our industry partners and landlords, and the tremendous loyalty and enthusiasm of our customers. JOANN will move forward with a strengthened financial foundation, allowing us to invest in customer experience enhancements, our best-in-class product assortments, and our more than 18,000 Team Members nationwide."
Scott Sekella, JOANN's Chief Financial Officer and co-lead of the Interim Office of the CEO, added, "We are grateful to our financial and industry stakeholders, whose support enabled us to continue operating smoothly and move through this process on an expedited basis. Their investment not only provides us with additional financial resources, but also reflects their confidence ...