Crafts retailer, JoAnn Fabrics, has filed for Chapter 11 bankruptcy … again.
Last year, JoAnn filed for bankruptcy in March. It emerged from bankruptcy in April as a private company.
JoAnn announced on Wednesday that it has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to facilitate a sale process. It plans to likely sell the business to Gordon Brothers Retail Partners, who will serve as the “stalking horse” bidder. However, JoAnn said it would accept alternative bids. If Gordon Brothers is successful in its bid to buy the business, JoAnn says the company would be liquidated.
“If the sale to Gordon Brothers is ultimately completed, Gordon Brothers has indicated that it intends…
