Fabric and Craft Retailer Joann , Files for Bankruptcy.<br />The 81-year-old company made the announcement on March 18, CNN reports. .<br />The retailer has also secured $132 million <br />in new funding to cut its debt in half.<br />Joann's 850 stores and website <br />will remain operational. .<br />This agreement is a significant <br />step forward in addressing <br />Joann’s capital structure needs, , Scott Sekella, Joann's chief financial officer, via statement .<br />... and it will provide us with the <br />financial resources and flexibility <br />necessary to continue to deliver <br />best-in-class product assortments... , Scott Sekella, Joann's chief financial officer, via statement .<br />... and enhance the customer <br />experience wherever they <br />are shopping with us, Scott Sekella, Joann's chief financial officer, via statement .<br />The Nasdaq has delisted Joann's stock. .<br />The company will become privately owned after the bankruptcy process.<br />The bankruptcy of Joann has been <br />looming for a long time and was always <br />a matter of when, rather than if, Neil Saunders, managing director and <br />retail analyst for GlobalData, via note.<br />The bankruptcy process will now <br />allow the arts and crafts chain <br />to receive an infusion of cash at <br />the same time as streamlining its <br />operations and reducing debt levels, Neil Saunders, managing director and <br />retail analyst for GlobalData, via note
