Joann Fabrics News 2024 News. Joann — one of the nation’s largest sellers of fabrics and craft supplies — will emerge from its bankruptcy proceeding with its more than 800 u.s. The crafting and fabrics retailer joann has filed for chapter 11 bankruptcy protection in delaware, as it announced it is seeking to reorganize its finances.
The company made the announcement. Bankruptcy judge’s approval on thursday for a restructuring that would eliminate $505 million in debt and keep all 815 retail locations open.