Company Overview - JOANN is a leading sewing and fabrics retailer with one of the largest arts and crafts offerings in the US, operating over 800 stores across 49 states and a robust ecommerce business [4] - The company has been inspiring creativity in customers for over 80 years, serving as a one-stop shop for supplies, guidance, and inspiration for creative projects [4] Financial Restructuring - JOANN has commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware to facilitate a court-supervised sale process aimed at maximizing the value of the business [2] - The company intends to seek approval for a consensual use of cash collateral to ensure sufficient liquidity to support ongoing operations [3] - JOANN is seeking court approval to commence a process for the sale of substantially all of its assets under Section 363 of the US Bankruptcy Code, with Gordon Brothers Retail Partners, LLC serving as the "stalking horse" bidder [7] Sale Process - The proposed transaction with Gordon Brothers is subject to higher and better offers, and the company continues to actively solicit alternate bids [7] - If other qualified bids are submitted, JOANN plans to conduct an auction or auctions, with the stalking horse bid setting the floor for the auction processes [7] Operations During Restructuring - JOANN stores and JOANN com remain open and continue to serve customers in the ordinary course during the restructuring process [2] - Team Members are continuing to receive pay and benefits, and the company intends to uphold its commitments to customers, Team Members, and partners [1][2] Advisors - Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor [9]

HUDSON, Ohio, Oct. 28, 2024 (GLOBE NEWSWIRE) -- JOANN, the nation's category leader in fabrics and sewing with one of the largest craft assortments is pleased to announce the addition of Maarten Jager to its Board of Directors, effective October 22, 2024. Jager brings deep retail experience to the position and was most recently Chief Financial Officer at Mattress Firm. "We are very pleased to welcome Maarten to the JOANN Board of Directors and are confident his broad experience managing finances, setting st ...

HUDSON, Ohio, Sept. 27, 2024 (GLOBE NEWSWIRE) -- JOANN, the nation's category leader in sewing and fabrics with one of the largest arts and crafts offerings, is kicking off the season of giving with several events focused on one of the coziest, easiest and most popular fall DIY projects – blanket-making! Starting September 29, customers will enjoy the lowest fleece prices of the year during JOANN's Fleecetastic sale, with Blizzard Fleece at just $3.75 per yard. During this doorbuster sale, families, couples ...

HUDSON, Ohio, Sept. 26, 2024 (GLOBE NEWSWIRE) -- JOANN, the nation's category leader in sewing and fabrics with one of the largest arts and crafts offerings, has released its FY24 Corporate Responsibility Impact Report as the company continues to harness the power of creativity to positively impact its Team Members, customers and communities. Through its Environmental, Social, and Governance (ESG) strategy, JOANN remains committed to operating as a responsible corporate citizen as a newly private company. " ...

HUDSON, Ohio, Aug. 29, 2024 (GLOBE NEWSWIRE) -- It may not feel like it outside, but fall has arrived and retailers like JOANN are seeing customers shop earlier than ever for Halloween and Fall décor and supplies. The nation's largest retailer of sewing and fabrics, with one of the largest craft assortments, is already selling out of some of its hottest items, as millions on social media have dubbed "Summerween" an official season. "We've seen over the past couple of years that customers – particularly a yo ...

HUDSON, Ohio, Aug. 02, 2024 (GLOBE NEWSWIRE) -- JOANN, the nation's category leader in fabric and sewing with one of the largest arts and crafts offerings, today announced industry veteran Stan Rosenzweig as Executive Chairman of the Board, effective August 5, 2024. Mr. Rosenzweig, whose family has been involved in the sewing industry for four generations, has more than thirty years of experience leading, managing and investing in numerous consumer related businesses. Most recently, Mr. Rosenzweig held the ...

Effective July 29, 2024, Scott Sekella has exited the JOANN business and is pursuing other opportunities. During his tenure, Scott led the company through a very tumultuous time and all of JOANN appreciate his hard work and dedication. The entire JOANN team wishes him all the best in his future endeavors. JOANN has commenced an immediate search for a new leader while Jeff Dwyer, Managing Director, Alvarez & Marsal, will act as Interim CFO. Scott's departure was not related to any disagreements with JOANN re ...

HUDSON, Ohio, July 16, 2024 (GLOBE NEWSWIRE) -- JOANN, the nation's category leader in sewing and fabrics with one of the largest arts and crafts offerings, is pleased to announce the promotion of Ann Aber to Executive Vice President, Chief Legal & Human Resources Officer. Aber has been with the Company since 2019, when she joined as Vice President, General Counsel & Secretary. She was promoted to Senior Vice President in 2021. Aber holds a Juris Doctorate degree from Cleveland State University College of L ...

"We believe crafting isn't only about the finished product – the real joy is in the process of creating and connecting with others," said Chris DiTullio, Chief Customer Officer. "'And' is a powerful 3-letter word that represents the endless possibilities of product and inspiration that customers can find at JOANN. We are excited to continue raising awareness of our expanded, affordable and best-in-class product assortments to inspire more creativity in the world." "We are excited to bring joy to more custom ...

HUDSON, Ohio, June 12, 2024 (GLOBE NEWSWIRE) -- The nation's category leader in sewing and fabrics with one of the largest arts and crafts offerings is slashing prices on thousands of items across its assortment as it looks to inspire creativity for all. Starting this week and continuing through the month of June, JOANN will be lowering the everyday price on items across its assortment, from fabric and yarn to crafts and fine arts, to machines and home décor. Additionally, June 13-26, shoppers can enjoy the ...