Joann Inc. Files for Chapter 11 Bankruptcy Protection

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Joann Inc. Files for Chapter 11 Bankruptcy Protection (Read More)

Joann Inc. filed for Chapter 11 bankruptcy protection — with plans for a quick exit.

• Chapter 11 Bankruptcy Filing: Joann Inc. files for Chapter 11 bankruptcy protection with plans for a swift exit, backed by a transaction support agreement with key financial stakeholders.

• Financial Restructuring: Joann secures $132 million in new financing and aims to reduce debt by approximately $505 million, positioning itself for future stability.

• Operational Continuity: Despite bankruptcy proceedings, Joann's 829 stores and website remain operational, ensuring uninterrupted service for customers.

• Leadership Transition: Following the retirement of its former president and CEO, Joann continues to navigate leadership changes while focusing on revitalizing business operations.

• Long-Term Growth Outlook: Joann expresses confidence in its ability to drive long-term growth, supported by ongoing top and bottom-line initiatives amidst the restructuring process.

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🧠 Thought Leader: Jason Miller shares why Joann has no plans to reject leases on any of its 829 stores

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• U-Stop expands c-store network with Shop Quik 11-unit acquisition. U-Stop’s latest deal adds Shop Quik’s 11 remaining locations, bringing its total to about 40 in Nebraska and Kansas. Founded in 1959, U-Stop aims to enhance convenience for customers. Shop Quik founders chose U-Stop for expansion, emphasizing community involvement. Industry trend: regional c-store expansions like 7-Eleven’s acquisition of Stripes for $1 billion. (Read More)

• El Car Wash Expands in Central and Southwest Florida El Car Wash acquires Sweetwater Car Wash Dr. Phillips and Suncoast Express Car Wash locations for strategic growth. Suncoast acquisition is the company's third in Southwest Florida, reaffirming commitment to excellence. Plans for additional sites in 2024 across key markets demonstrate a strong M&A strategy focused on high-quality locations and customer value. Special promotions for new members will celebrate these expansions. (Read More)

• Wonder secures $700M for 90 stores by 2025. Wonder founder Marc Lore announced a major capital raise of $700 million from various investors to drive the company's growth. The funds will support expansion, technology development, and operational efficiencies. Plans include increasing physical retail locations and investing in R&D for faster cook times and enhanced delivery networks. This strategic move marks a significant milestone for Wonder's future endeavors. (Read More)
  

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