Joann Inc. exits bankruptcy with the ‘strongest financial foundation in many years’

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

Joann Inc., the parent of hundreds of Jo-Ann fabrics and craft stores nationwide, emerged from bankruptcy court on April 30 in its best financial shape in recent decades.

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The Hudson, Ohio-based retailer of fabrics and craft items halved its long-term debt of $1.1 billion and fully repaid its obligations to employees, vendors, landlords and other trade creditors during a month-and-a-half in bankruptcy court — without reducing its retail footprint or employee head count. Joann emerges from bankruptcy with $153 million in new financing, the company said.

The company has six Central Florida locations: in Colonial Landing and Waterford Lakes Town Center in Orlando, as well as in Altamonte Springs, Winter Garden, Kissimmee, Sanford and Tavares.

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