Crafts retailer Joann planning bankruptcy filing, Bloomberg reports

Crafts retailer Joann is considering a bankruptcy filing as soon as this week as part of a deal that would hand control of the company to lenders while allowing it to shed expensive debt, Bloomberg’s Reshmi Basu reported over the weekend, citing people familiar with the matter. The company has been holding confidential talks with its lenders as it seeks fresh capital to bolster its cash reserves, the author notes. Discussions are ongoing and plans aren’t final, but the company is seeking to line up enough support from lenders that would allow it to exit Chapter 11 quickly in what’s known as a pre-pack filing, the people said.