JOANN Inc. has announced a significant financial restructuring initiative that includes a reduction in debt, as the company advances through its bankruptcy process, with its stock up +17.4% pre-market. Despite the challenging retail environment, which has seen a major retailer file for bankruptcy as Americans cut back on spending for creature comforts, JOANN Inc. plans to keep its 800-plus stores open. The decision not to close stores during its bankruptcy contrasts with recent announcements of retail closures from other companies, including Dollar Tree, Family Dollar, The Body Shop, and Outdoor Voices.
Here we go again. Recently announced retail closures: 📍Dollar Tree, Family Dollar 📍The Body Shop 📍Allbirds 📍Outdoor Voices And yet $JOAN doesn't plan to close stores during its bankruptcy, LOL?! https://t.co/au7nmYbx74
Wow, here’s THREE co’s that re-emerged from #bankruptcy in the last 35 years… 👀🤯 …so yeah, #BedBathBeyond may have gone bankrupt, its assets were sold, its worthless stk is canceled & no longer trades, but still… 🤮☠️ …maybe you shd thk abt/consider buying $BBBYQ!? 🤡🤣 https://t.co/E6SgjPkG1V https://t.co/l8INPCuJT5
The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process. https://t.co/d2bD01DtzM
Major Retailer Files For Bankruptcy As Americans Cut Back On Creature Comforts https://t.co/oIOuduLmFW
$JOAN (+17.4% pre) JOANN Inc. advances financial restructuring, reduces debt - inv https://t.co/hET0jDTcCW