Joann files for bankruptcy amid consumer pullback, but plans to keep stores open
CBSN
Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.
Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.
As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.
The sheriff who allegedly shot and killed a rural Kentucky judge in his courthouse chambers was accused in a federal lawsuit of failing to investigate allegations that one of his deputies repeatedly sexually abused a woman in the same judge's chambers. Letcher County Sheriff Shawn M. Stines has been charged with murder in the first degree in Thursday's shooting.
Washington — More than 50 former football players and coaches, including several Pro Football Hall of Famers and Super Bowl MVP's, announced their endorsement Friday of Vice President Kamala Harris and Governor Tim Walz in the 2024 U.S. presidential election. The group represents 25 historically Black colleges and universities (HBCU's) and consists of 10 Pro Football Hall of Fame inductees, two Super Bowl champions and MVPs, former No. 1 overall picks and some of the first Black athletes and coaches to break the color barrier.
Jan. 7, 1994, started out like any other typical winter morning for Rebecca "Becky" Savarese of Pittsfield, Massachusetts. There was snow on the ground, and it was bitterly cold as the 12-year-old walked to school. Then, at around 7:10 a.m., at one of the busiest intersections in town, a man came up beside her. "He had a mustache, but he didn't shave. He seemed like a nerd to me," said Savarese. The stranger quickly pulled out a gun and held it up against her.