If you want to do a presentation for the GAS Conference 2014 you better get your application in. The deadline is approaching…April 7th. The Glass Art Society is taking 2013 off and the 2014 conference is being held at the end of March 2014 in Chicago. The conference sounds like it’s going to be a good time. I know I’m hoping to attend. I haven’t been able to attend one of theirs. So go over to the web site and check out the application or just see what they’re planning. I’m sure it’ll be a glass good time!!
Have you read?
Craft Retailer Joann Files for Chapter 11 Bankruptcy
In an expected move, craft store chain Joann has filed for bankruptcy to help the company deal with debt problems.
According a news release issued by the company, Joann has “received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.”
“This agreement is a significant step forward in addressing JOANN’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver best-in-class product assortments and enhance the customer experience wherever they are shopping with us,” chief financial officer Scott Sekella said in the release.
According to a story in The Washington Post (link is free to read), Joann will become a private company after the bankruptcy proceedings, which could be complete as early as next month. The company says it currently has no plans to close stores or make any changes to its website. The release says the company, which was founded in 1943, has 829 stores in 49 states and “95 percent of which are cash flow positive.” And I literally got an email from them while I was writing this post.
(As an aside, the headline on that Post story suggests Joann’s problem is they have lost sales as people “pull back on essentials,” but if they’d ever met a crafter they would know craft supplies are always essential, we just might be buying them from different places, or buying less that we used to.)
Joann has set up a website, Joann Forward, with more details on their restructuring, including FAQs for customers, suppliers, landlords and team members. According to those pages, “this agreement is a significant step forward in addressing JOANN’s capital structure needs. It will provide us with the financial resources and flexibility necessary to deliver best-in-class product assortments and enhance the customer experience wherever they are shopping with us.”
You can also find case filings and information for claimants here.
As someone who does most of her in-person craft shopping at Joann, I’m certainly wishing them well and will update as needed with more information on the Joann bankruptcy filing.