"Craft Retailer JOANN Declares Bankruptcy Amid Consumer Retreat"
Fabric and craft company JOANN Inc., based in Hudson, has filed for bankruptcy, listing assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion. The Chapter 11 filing allows the company to continue operating its stores while working on a plan to repay its up to 100,000 creditors. JOANN’s stores and website will continue to operate as normal, and the company has received about $132 million in commitments for new financing.