Joann’s has more than 800 stores which will continue to operate as the bankruptcy process continues.
The Ohio-based company said it received $132 million in new financing. Additionally, the company said it will reduce its balance sheets by over 500 million.
According to the bankruptcy court, Joann’s listed $2.26 billion in assets and $2.44 billion in total debt.
Privately owned means that the company will no longer be publicly traded.