National Crafts Retailer Joann Files for Bankruptcy

The company’s petition was its second in a year in which big brands such as Party City, Bed Bath and Beyond, and Conn’s also filed.

A person arrives at the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, on Jan. 9, 2020. Brendan McDermid/Reuters

Fabric and crafts retail company Jo-Ann Stores LLC., publicly known as Joann, has filed for bankruptcy for the second time in a year.

The company filed a petition for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the District of Delaware on Jan. 15, seeking court approval to sell “substantially all of its assets” to Massachusetts-based Gordon Brothers Retail Partners, according to a Jan. 15 statement from Jo-Ann Stores. Founded in the 1940s, the Ohio-based brand has approximately 850 stores spread across 49 states and employs around 19,000 people.