You might remember that Joann's, the crafting retailer, filed for Chapter 11 bankruptcy recently. Well, there is finally some news surrounding that decision, and it's one many fans of the store were hoping for. It appears that when the company comes out of bankruptcy it will carry less debt, and many of its locations will remain open.

Joann's website carried a statement from ownership in regards to the bankruptcy case:

"Joann, the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, today announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Company’s Prepackaged Joint Plan of Reorganization. JOANN expects to complete its financial restructuring and emerge from the court-supervised process in the coming days."

The website became a little clearer on what is happening with Joann's locations and employees.

As reiterated throughout this expedited process, the Company’s more than 800 store locations remain open and continues to offer supplies for any creative need, and the Company was able to preserve the jobs of its more than 18,000 Team Members in connection with this process.

That's great news, right? It seems like the only change we might notice is that the company is going private, meaning it will be de-listed from the stock market.

Once the company becomes private, there might be some changes and or store closings but the good news is that it seems Joann's will continue on in as a craft destination for the near future.

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Joann's has been around for 80 years and has grown from one store in Cleveland, OH to having more than 800 locations nationwide.

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