HUDSON, OH.-Joann Fabrics and Crafts, one of the largest fabric retailers in the nation, has filed for Chapter 11 bankruptcy.
According to the crafting company, stores will remain open and its website will continue to operate normally as the company reorganizes its finances.
“The Company remains as focused as ever on providing customers with quality products and services that inspire their creativity,” the fabric store said in a statement.
A longtime favorite of quilters, crafters and do-it-yourselfers, shares of Joann stock fell to $0.25 after its bankruptcy filing.
According to NBC news reporting on the bankruptcy, Joann is more than $1 billion in debt after the latest quarter
