The fabric and craft retailer Joann, which had already announced the closure of hundreds of stores, this week said the chain will shut down completely.

Here’s what’s known about the liquidation process:

When will the stores close?

No date has been announced, and employees also apparently have not been told yet. On social media, staff members reported that the only information they received at an all-hands meeting Monday, Feb. 24, was a basic memo about the results of the bankruptcy auction the previous day.

The memo included the line: “Subject to court approval of the transaction [on Feb. 26], the winning bidders plan to wind down ongoing operations and conduct going-out-of-business sales at all JOANN locations.”

How deep are the…

Sir Bradley Wiggins has been declared bankrupt and could be forced to hand over his medals and trophies after falling into financial difficulties. 

The eight-time Olympic medallist was declared bankrupt at Lancaster county court on June 3, according to The Times, following years of money troubles with numerous business ventures over the years. 

Wiggins Rights Limited, a company owned by ­Wiggins, his former wife Cath and his mother Linda, entered voluntary liquidation in 2020 with debts of £650,000. 

These debts later increased to just under £1 million in 2022 and by November 2023, creditors claimed this had not been paid, which they warned would likely lead to him being declared bankrupt. 

Trustees could now be appointéd to seize…

In October 2024, the number of registered company insolvencies in England and Wales was 1,747, 10% lower than in September 2024 (1,950) and 24% lower than the same month in the previous year. However, company insolvency numbers also remained much higher than levels seen during the Covid-19 pandemic and between 2014 and 2019.

The construction industry experienced the highest number of insolvencies in the 12 months to September 2024, reaching a total of 4,264.

Commenting on the latest construction insolvency statistics Kelly Boorman, national head of construction at RSM UK, said: “Challenges remain for the construction industry following the collapse of several major firms in recent months, with businesses of all sizes anticipating…

President Donald Trump tapped Elon Musk to speak at the top of the first full Cabinet meeting on Wednesday to discuss the progress made by the Department of Government Efficiency (DOGE). 

Musk, standing in his signature black suit jacket with a T-shirt underneath, spoke at the meeting in which the media was present and made some clarifications about what he and DOGE are doing, as well as a recent email sent to government employees.

“I actually just call myself a humble tech support hero,” Musk stated. “As crazy as it sounds, that is almost a literal description of the work of the DOGE team is doing is helping fix the government computer systems,” he said, saying the computer systems are “extremely old” and there are many mistakes in the…