JOAN - Why Joann Stock Hit A New All-Time Low Today | Benzinga
Joann Inc (NASDAQ:JOAN) shares are trading lower by 18.4% to $0.23 Tuesday afternoon. The stock is falling following a Bloomberg report stating the company is contemplating a bankruptcy filing to restructure its debt and regain financial stability.
What’s Happening?
Joann is reportedly in discussions with lenders to pursue a pre-packaged bankruptcy, intending to swiftly exit Chapter 11 while maintaining operations. The company’s financial challenges are attributed to liquidity issues and inventory management issues in a challenging retail environment. ...