Is joann fabric going out of business

Joann Fabrics filed for Chapter 11 bankruptcy in early 2024 due to rising costs and a drop in consumer spending on hobbies post-pandemic. However, the company plans to keep its 800+ stores open while restructuring its debt to strengthen finances. The court-approved reorganization allows Joann to reduce debt and emerge with a more stable foundation, though some less profitable stores may close as part of this restructuring