JoAnn Fabric Files for Bankruptcy, 22 Stores in Massachusetts

JoAnn Fabric, with 22 locations in Massachusetts, has filed for bankruptcy, securing $132 million in fresh funding to reduce its $1 billion debt. The 81-year-old chain saw a brief surge in sales during the early days of COVID, but has been on a steady decline for years. Despite the bankruptcy, its 850 stores and website will remain open for business.