THE crafts retailer Jo-Ann has filed its second bankruptcy in one year, reports say.
Jo-Ann has more than 800 stores across the US, and chiefs have stressed that no closures are planned.
Execs said the bankruptcy motion was filed in a bid to ensure the company’s value could be maximized.
Bosses have stressed that stores will remain open and customers will not see any change.
Michael Prendergast, the interim CEO, admitted that the company had faced several challenges.
“After carefully reviewing all available strategic paths, we have determined that initiating a court-supervised sale process is the best course of action to maximize the value of the business,” he said.
“We hope that this process enables us to find a path that would allow JoAnn to continue operating as a going concern.”
AlamyThe crafts retailer Jo-Ann has filed for bankruptcy again[/caption]More to follow… For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos.
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