JOANN Inc., along with its nine affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on March 18, 2024. The debtor listed its assets in the range of $500 million to $1 billion and liabilities in the range of $1 billion and $10 billion. The debtor is represented by Kara Hammond Coyle of Young Conaway Stargatt & Taylor, LLP and Latham & Watkins LLP as its legal counsels.

Houlihan Lokey Capital, Inc. is appointed as investment banker, Alvarez & Marsal North America, LLC as financial advisor Deloitte Tax LLP and Deloitte Financial Advisory Services LLP are retained as tax and financial advisors and Kroll Restructuring Administration LLC is appointed as claims and noticing agent.