In an economy where people are spending less and less on hobbies, one major retailer with a location in Central New York has announced its filing for bankruptcy.

JOANN FABRICS & CRAFTS

Joann Fabrics, a craft retailer that's been around since 1943, announced on Monday that it's filing for chapter 11 bankruptcy. Sales had been down for years, although there was a brief uptick during the pandemic when people were stuck at home creating projects for themselves. But with the cost of living steadily increasing, people are forced to shelve their hobbies just to keep the lights on.

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In a statement, the company's chief financial officer, Scott Sekella, said:

This agreement is a significant step forward in addressing Joann’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver best-in-class product assortments and enhance the customer experience wherever they are shopping with us.

 

WHEN WILL JOANN'S CLOSE?

Joann's had one location in the Mohawk Valley, at the east end of the New Hartford Shopping Center, next to Ollie's. As of now, there's no timetable on this location, or if they'll even need to close at all.

Although it's not a great sign to file for bankruptcy, it's not a definitive nail in the coffin, either. Plenty of retailers have bounced back from chapter 11 bankruptcy.

Keep scrolling to see a list of retailers that managed to bounce back: