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What will be the outcome of Joann Inc.'s asset sale process by December 31, 2025?
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Resolution / Starting Odds
Sale to Gordon Brothers • 25%
Sale to another bidder • 25%
No sale completed • 25%
Other outcome • 25%
Court filings and public announcements from Joann Inc. or involved parties
Story
Joann Inc. Files for Bankruptcy Again, Seeks Sale of Assets to Gordon Brothers
Jan 15, 2025, 03:00 PM
Crafts and fabrics retailer Joann Inc. has filed for Chapter 11 bankruptcy protection for the second time in less than a year, seeking court approval in Delaware to initiate a sale process. The company, which operates over 800 stores across 49 states, aims to sell 'substantially all of its assets' with Gordon Brothers Retail Partners serving as the stalking horse bidder. Joann's stores and website will remain open during the bankruptcy process, and employees will continue to receive pay and benefits. The retailer cited 'unexpected' and 'acute' inventory issues, as well as a challenging retail environment, as reasons for the filing. Joann previously filed for bankruptcy in March 2024, emerging as a private company in April after creditors agreed to cancel $505 million of its debt. The company's current debt stands at $615.7 million, with an additional $133 million in trade debt.
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No sale, continue liquidation • 25%
Sold to Nexus Capital Management • 25%
Sold to another party • 25%
Other outcome • 25%
Acquisition by Nexus Capital Management • 25%
Partial liquidation with store retention • 25%
Acquisition by another party • 25%
Complete liquidation • 25%
Failed to clear significant inventory • 25%
Other outcome • 25%
Partial clearance with remaining inventory • 25%
Successful liquidation with full inventory clearance • 25%
Deal modified • 25%
Deal completed as planned • 25%
Deal delayed but completed • 25%
Deal canceled • 25%
Approved without conditions • 25%
Delayed decision • 25%
Rejected • 25%
Approved with conditions • 25%
Buyout proceeds with Apollo only • 25%
Buyout proceeds with KKR and Apollo • 25%
Buyout does not proceed • 25%
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Less than 50% auctioned • 25%
More than 50% auctioned • 25%
No leases auctioned • 25%
All leases auctioned • 25%
Nexus Capital Management • 25%
Retail competitor • 25%
Other entity • 25%
Another private equity firm • 25%
Equal retention and layoffs • 25%
Majority retained • 25%
Unclear outcome • 25%
Majority laid off • 25%
Other outcome • 25%
Merge with another company • 25%
Liquidate assets • 25%
Emerge successfully • 25%