Craft Chain with 35 Stores in Illinois May Have Filed Bankruptcy

There is a report from a national finance site that a major craft chain with 35 stores in Illinois may have filed bankruptcy.

The word that this major craft chain either is about to file bankruptcy or perhaps already has comes from Bloomberg. They shared the word that a craft store chain that has been trying to secure funds from a new lender may be filing chapter 11 bankruptcy this week if not already. They say it's Joann Fabrics and Crafts. According to the official Joann Fabrics and Crafts site and Scrape Hero, there are 35 stores remaining open in Illinois including these cities:

Algonquin
Arlington Heights
Bloomingdale
Bloomington
Bourbonnais
Carbondale
Champaign
Chicago
Countryside
Crestwood
Danville
Darien
Decatur
Fairview Heights
Freeport
Galesburg
Geneva
Joliet
Lombard
Mattoon
McHenry
Moline
Naperville
Niles
Norridge
Orland Park
Peoria
Peru
Quincy
Rockford
Springfield
Sterling
Vernon Hills
Wheaton

As of this writing, Joann Fabrics and Crafts has not confirmed a bankruptcy filing or an imminent filing. Investor Place does confirm the report that the crafts chain is on "the brink of bankruptcy".

There is also no report or speculation how a potential bankruptcy would affect Joann Fabric and Crafts stores or their employees. The Bloomberg report just says that it "Would Hand Keys to Lenders". Investor Place does report that Joann Fabrics stocks were down on Monday in response to the bankruptcy rumors.

As this is a developing story, it will be updated once the company confirms or denies the potential bankruptcy and how it might affect their stores and those that work there.