Joann reverses premarket gains, co files for bankruptcy

Joann

18/03/2024 14:55

(Updates)
    ** Shares of arts and crafts retailer Joann  JOAN.O  down as
much as 21% at 18.26 cents
        ** JOAN files for Chapter 11 bankruptcy protection
  
    ** Co says will receive commitments for about $132 mln in
new financing after agreement with majority of its financial and
industry stakeholders
    ** Expects to reduce funded debt on its balance sheet by
about $505 mln; will go private and no longer be listed on
Nasdaq or other stock exchanges
    ** Says to complete bankruptcy process as early as
late-April 2024
    ** JOANN's stores, website will remain open and continue to
operate as normal without disruption in services for customers,
vendors, landlords, and other trade creditors, it adds
    ** Stock rose nearly 19% in 2023, and is up ~5% so far this
year

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))