"Retailers Joann and Dollar Tree Face Bankruptcy Challenges"
Joann, the arts and crafts retailer, has filed for Chapter 11 bankruptcy but reassures customers that its 800+ stores will remain open and its website will stay active as it restructures its finances. The company expects to receive $132 million in new financing and plans to reduce its funded debt by about $505 million. Despite a recent sales slump and layoffs, Joann remains committed to serving its millions of customers nationwide and views the increased engagement in crafting activities during the COVID-19 pandemic as a positive sign for its future business.