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JOANN preps second bankruptcy filing, talking to Gordon Brothers

JOANN is preparing to file for bankruptcy amid a liquidity crunch, less than a year after it emerged from its first Chapter 11 bankruptcy, according to four sources familiar with the matter.

The fabric and crafts retailer is in talks with existing lender Gordon Brothers to act as potential stalking horse bidder, three of the sources said, adding that the going concern bankruptcy could shift towards a liquidation.

 

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