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The Secured Lender

SFNet's The 81st Annual Convention Issue

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SFNet's 40 Under 40 Award Winners Panel Recap
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As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
Why Back-Office Lending Automation Enhances Customer Satisfaction
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Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
The Lost Art of the Loan Purchase
Mar 2, 2017

Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
Audit Prep: Why a Paperless Approach Makes Sense
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017

Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…

April 29, 2024

Source: Reuters

NEW YORK, April 25 (Reuters) - Craft retailer Joann Inc received a U.S. bankruptcy judge's approval on Thursday for a restructuring that would eliminate $505 million in debt and keep all 815 retail locations open.

U.S. Bankruptcy Judge Craig Goldblatt approved Joann's restructuring plan at a court hearing in Wilmington, Delaware, saying the bankruptcy was "a very good outcome" for the company's employees, landlords, and craft suppliers.

Joann creditors, who agreed to cancel about half of the company's debt and take ownership of the company's post-bankruptcy equity, unanimously voted for the restructuring.

"You've all made this very easy for me," Goldblatt said during the hearing. "I appreciate that this degree of consensus, especially in a case with stakes this high, isn't forged by accident, but is the result of good and hard work."

Joann entered Chapter 11 bankruptcy on March 18, after negotiating a prepackaged restructuring deal with its creditors and investment funds that owned 66% of the company's equity shares.

The deal will result in no change for the craft retailer's 18,000 employees or the landlords for its 815 stores, the company said. The company's existing equity shares will be wiped out as part of the restructuring.

Joann could emerge from bankruptcy by April 30, according to its court filings.

Founded in 1943, the Ohio-based company is a leading national retailer of sewing, arts and crafts, and select home décor products. Joann has about one-third of the U.S. market share for sewing products sold to consumers, and the company had overall net sales of $2.2 billion in 2023, according to its court filings.

Joann blamed its bankruptcy on increased competition from online craft supply sales, rising freight costs, and a slump in sales after the end of the COVID-19 pandemic, which temporarily boosted demand for at-home crafting supplies, fabric, and mask-related products.