Popular Tuscaloosa Craft Store Files Bankruptcy
According to the Associated Press, one of the largest craft and fabric stores has filed for Chapter 11 bankruptcy protection.
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Joann Fabrics has more than 800 outlets including a Tuscaloosa location on Veterans Memorial Parkway.
The crafting company is blaming the pandemic and a cut in customer's discretionary spending as the main reasons for their recent filing.
The company is based in Ohio and according to the AP, they expect to emerge from bankruptcy at the end of April.
Joann Fabrics also claims they have received around $130 million in financing that they hope will reduce their large debt.
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