Not a single mention in almost all of the bankruptcy articles, including this one, that it is majority-owned by Leonard Green & Partners, a private equity firm. A story as old as time: get bought out by private equity, collapse under the weight of your new debt burden.

"Joann previously went private in 2011 — when it was purchased by Leonard Green & Partners for about $1.6 billion. A decade later Joann, still majority owned by the equity firm, returned to the public market with an initial public offering at $12 a share." Source: https://apnews.com/article/joann-bankruptcy-chapter-11-filing-75093d4032907c59a45e472dd4e23229