Crafts retailer Joann files for Chapter 11 bankruptcy protection

NEW YORK (AP) — Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending. In a Monday release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month. Following this process, Joann will likley become privately-owned by certain lenders and industry parties, the company added — meaning its shares would no longer be listed on stock exchanges. Joann’s more than 800 stores and its website will continue to operate normally during the bankruptcy process, the company said, pointing to a deal it had struck with most of its shareholders for financial support.