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Joann is filing for bankruptcy after over eight decades in business.
The fabric and craft retailer said in a statement that it filed for Chapter 11 bankruptcy protection and secured 132 million in funding to help reduce its debt.
The company's nearly 850 stores and website will remain open.
Joann reportedly suffered from customers cutting back on discretionary spending due to inflation after its pandemic boom, when they tended to spend more money on arts and crafts while stuck at home.