"Joann Fabrics Files for Bankruptcy and Delisted from Nasdaq as Revenue Declines Post-Covid Spike"

Joann, the 81-year-old fabric and craft retailer, has filed for Chapter 11 bankruptcy protection, securing $132 million in fresh funding to reduce its $1 billion debt. The company's 850 stores and website will remain open for business, with plans to become privately owned following the bankruptcy process. Declining revenue, a brief pandemic boom, and increased competition have contributed to the company's financial struggles.