Joann Fabric and Crafts sells at least 30 sites in one state because they are conducting sales of business at the country level.
Lovely retail stores were bankrupt in January and pointed to about 615 million dollars of debt.
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This is the second time that Joan has made the presentation of Chapter 11 in almost a year.
The first was in March 2024, and about a month later, it was provided after finding a buyer, restructuring and cutting more than $ 500 million due to many creditors.
Joan was also able to get out of any stores at the time, but this is not the case for the second bankruptcy.
It is initially expected to be closed around 530 across the country, leaving about 320 operational.
Read more about bankruptcy
Below the count
However, last month, Joan confirmed that all of its stores estimated 850 in 49 states will be concluded forever.
At least 30 of these in New York, all of which have recently received its rent for sale, for each press statement on Thursday from the GA Group and Real Estate Company A & G Real Estate Partners.
“The Joann's Enperies rental auction is a unique opportunity to convert the well -signed retail spaces into prosperous business,” said Emilio Ammina, co -chair of A & G, in the statement.
“For small business owners and startups, this is an opportunity to lock major sites at competitive prices – help them grow, innovate and reactivate local economies.”
Bids for 30 Joann Ensires are expected to be performed on April 22.
There is also a deadline for receiving rent on April 16.
Card confusion
While customers have a detailed sorrow after Joan asserted that he will disappear forever, others are still angry at the “ongoing” gift card policy.
Joan noted that amid liquidation sales, she will accept customer gift cards until the deadline on February 28.
As many sites continue in the middle of the closing process, some shoppers feel the rejection of gift cards since that time was unfair.
“I just want you to know the incredibly annoying extent to be cut off our ability to use gift cards,” Joann agent has long been surprised at the Instagram post from the retail seller for his discounts by 40 %.
How does bankruptcy work?
Banking is a specific legal process that helps companies cancel debts that they cannot pay.
The process allows companies to start new and reach new credit.
The bankruptcy, which is supervised by federal courts, allows the company to sell its assets more easily to pay creditors, according to Investopedia.
Chapter 11, which is a common process for companies, is used to restructure a company with the aim of survival – even if it means selling most of the company's real estate.
Chapter 7, on the other hand, sells all the assets of the company and removes it from work.
Chapter 15, instead, is allowed to cooperate between American and foreign courts to conduct bankruptcy procedures with “parties to an interest that includes more than one country,” according to the United States courts.
“Regardless of the fact that you are closing, take your business money and now refuse to give the product in exchange for that. Error.”
Another wrote: “Very annoyed by cutting gift cards so quickly and decreasing a few notice.”
Some even went to the point of accusing Joan of “theft and fraud” of the gift card policy, although this is inaccurate.
Many other retailers suffered from bankruptcy problems last year.
Lots Big was significantly introduced in September and will leave only about 200 stores after reaching a deal at the last minute.
Forever 21 also presented the second bankruptcy file earlier this month after the first of 2019 and its remaining stores will be closed.
