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

Kinda sad. There's almost no fabric/craft places anymore and even less now. My mom grew up making her own clothes with stuff from Joann. It's just sad to see them go. Late stage capitalism indeed.

Can't they just use an 80% off coupon on their debts?

waits for the Company Man video