Joann Fabrics Files for Bankruptcy Protection

Long-running retail chain Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy protection, as part of a structural reorganization.

The company says its stores and online sales will continue to operate as usual.

Joann has been around since 1943.  It is currently more than a billion dollars in debt, as retail sales continue to shrink.

The restructuring will eliminate about $500 million (a little less than half) of that debt.

How often do you shop at brick-and-mortar stores? 

What are some retail chains you remember shopping at, which don’t exist today?