Photo: RiverNorthPhotography / iStock Unreleased / Getty Images
Long-running retail chain Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy as part of a structural reorganization.
The company says its stores and online sales will continue to operate as usual.
Joann has been around since 1943, but is currently more than a billion dollars in debt as retail sales continue to shrink.
The restructuring will eliminate about $500 million of that debt
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