JOANN Receives Court Approval for Prepackaged Financial Recapitalization Plan
25 Aprile 2024 - 10:15PM
JOANN Inc. (“JOANN” or the “Company”), 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 successfully complete its
financial restructuring and emerge from the court-supervised
process in the coming days.
As reiterated throughout this expedited process, the Company’s
more than 800 store locations remain open and JOANN.com 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.
Chris DiTullio, Chief Customer Officer and co-lead of the
Interim Office of the CEO, said, “We are pleased to have reached
this significant milestone less than 40 days after initiating our
court-supervised process. We could not have reached this point
without the unwavering dedication of our Team Members, the
continued support of our industry partners and landlords, and the
tremendous loyalty and enthusiasm of our customers. JOANN will move
forward with a strengthened financial foundation, allowing us to
invest in customer experience enhancements, our best-in-class
product assortments, and our more than 18,000 Team Members
nationwide.”
Scott Sekella, JOANN’s Chief Financial Officer and co-lead of
the Interim Office of the CEO, added, “We are grateful to our
financial and industry stakeholders, whose support enabled us to
continue operating smoothly and move through this process on an
expedited basis. Their investment not only provides us with
additional financial resources, but also reflects their confidence
in our Team Members and in our business to seize on the
opportunities ahead. With a strengthened balance sheet and improved
liquidity, we are better positioned to work collaboratively with
our vendors, business partners and landlords, and ultimately to
inspire the creativity in our customers that helps them find their
happy place.”
In connection with emergence, JOANN will be a private company
owned by certain of the Company’s financial stakeholders and
industry parties.
Additional information regarding JOANN’s financial restructuring
is available at JOANNforward.com. Court filings and information
regarding the claims process are available at
https://cases.ra.kroll.com/Joann, by calling the Company’s claims
agent, Kroll, at 844-488-7837 (toll-free in the U.S.) or
646-777-2384 (for international calls), or by sending an email to
joanninfo@ra.kroll.com. Additional information can also be found in
a Current Report on Form 8-K that the Company will file with the
Securities and Exchange Commission at www.sec.gov.
Advisors
Latham & Watkins LLP is serving as legal counsel to JOANN,
with Houlihan Lokey serving as financial advisor and Alvarez &
Marsal North America, LLC serving as restructuring advisor.
Gibson Dunn & Crutcher LLP is serving as legal counsel to
certain of the Company’s term lenders, with Lazard serving as
financial advisor.
About JOANN
For 80 years, JOANN has inspired creativity in the hearts,
hands, and minds of its customers. From a single storefront in
Cleveland, Ohio, the nation’s category leader in sewing and fabrics
and one of the fastest growing competitors in the arts and crafts
industry has grown to include 829 store locations across 49 states
and a robust e-commerce business. With the goal of helping every
customer find their creative Happy Place, JOANN serves as a
convenient single source for all of the supplies, guidance, and
inspiration needed to achieve any project or passion.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Readers can generally identify forward-looking
statements by the use of forward-looking terminology such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,”
“vision,” “should,” or the negative thereof or other variations
thereon or comparable terminology. Forward-looking statements
include those we make regarding the Company’s ability to continuing
operating its business and implement the restructuring pursuant to
the Chapter 11 cases, including the timetable of completing such
transactions, if at all.
The preceding list is not intended to be an exhaustive list of
all of the Company’s forward-looking statements. The Company has
based these forward-looking statements on its current expectations,
assumptions, estimates and projections. While the Company believes
these expectations, assumptions, estimates and projections are
reasonable, such forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond the Company’s control. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. The forward-looking statements
included elsewhere in this press release are not guarantees. Any
forward-looking statement that the Company makes in this press
release speaks only as of the date of such statement. Except as
required by law, the Company does not undertake any obligation to
update or revise, or to publicly announce any update or revision
to, any of the forward-looking statements, whether as a result of
new information, future events or otherwise after the date of this
press release.
Contacts
Investor Relations:Tom
Filandrotom.filandro@icrinc.com 646-277-1235
Corporate Communications: Amanda
Hayesamanda.hayes@joann.com
Michael Freitag / Arielle Rothstein / Viveca Tress / Joycelyn
BarnettJoele Frank, Wilkinson Brimmer Katcher(212) 355-4449
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