Crafts Retailer Joann Files for Bankruptcy – The New York Times:

Joann, whose outlets were once called Jo-Ann Fabrics, said its stores, roughly 800 nationwide, would continue to operate as it closes the deal, which is expected as early as next month.

The retailer, which sells yarn, fabrics and home goods, has been coming down from a short-lived sales boom during the pandemic lockdowns when there was a frenzy in consumers spending on at-home projects. But that has faded in the past two years, with consumers pulling back on discretionary spending as inflation remains relatively high, which has challenged the retail sector at large.