Beloved craft store chain files for bankruptcy and sparks fears all 800 shops face the ax
A beloved craft and fabric retailer with a history spanning over 80 years filed for bankruptcy Wednesday morning for the second time in two years. And experts warn it is now set to go out of business entirely after it made a big blunder while it was reorganizing its business after filing for Chapter 11 last March. Joann, which operates in nearly every US state, shut zero stores and tried to soldier on - rather than cutting loss-making shops and ending pricy leases.
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