JOAN - Why Joann Stock Is Falling Sharply | Benzinga
Joann Inc (NASDAQ:JOAN) shares are trading lower by 30.8% to $0.35 during Monday’s session. The stock is falling following a Bloomberg report stating the company is contemplating a bankruptcy filing to restructure its debt and regain financial stability.
Per the report, talks with lenders are underway, aiming for a pre-packaged bankruptcy that would enable a swift Chapter 11 exit while the company continues operating. Joann’s financial struggles stem from liquidity issues and difficulties managing inventory amidst a tough ...