Joann Inc. filed for Chapter 11 bankruptcy for the second time, aiming to facilitate a sale as it faces financial pressures amid an uncertain future.
The Debtors face significant liquidity constraints which are best addressed through a swift but robust marketing and sale process, avoiding protracted Chapter 11 cases.
Gordon Brothers has made a 'stalking horse' bid, with plans to liquidate if a higher bidder does not emerge for Joann's assets.
Joann remains operational, assuring employees of continued wages and benefits and maintaining product availability for customers during the restructuring process.
Collection
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