The company Joann Fabrics and Crafts has requested Chapter 11 bankruptcy protection announcing in a statement that it did this “to improve the company’s financial situation.”
The popular crafting store has 21 stores in Massachusetts. The Ohio-based chain stated it will not close but may come out of bankruptcy as a privately held company in around a month.
“Over the past few months, Joann has made significant operational improvements through the implementation of our Focus, Simplify, and Grow cost reduction initiative,” said Chris DiTullio, Chief Customer Officer and co-lead of the Interim Office of the CEO.
He also said “customers, vendors, landlords, and other trade creditors will not experience any disruptions in services” during the Chapter 11 filing. The company’s stock initially dropped with the announcement as it works to recover from a reported $1 billion in debt.
Gas prices in Massachusetts rise by 6 cents
Increasing gasoline demand, reduced inventories, and ongoing geopolitical tensions are causing pump prices to climb, according to a report from AAA on Monday.
The average gas price in Massachusetts has increased by six cents compared to last week ($3.19), now averaging $3.25 per gallon. The current price is 6 cents higher than a month ago ($3.19), and 3 cents lower than March 18, 2023 ($3.28). Massachusetts’s average gas price is 21 cents lower than the national average.
“As oil prices increase, gasoline demand has returned to pre-pandemic levels, leading to higher prices as inventories become tighter,” stated Mark Schieldrop, Senior Spokesperson for AAA Northeast.
