Hudson-based Joann to emerge from bankruptcy as private company; all stores will stay open

About six weeks after filing for bankruptcy, Joann Inc. Thursday afternoon said a federal judge has approved its plan to reorganize, remain in business and operate as a private company.

"Joann expects to successfully complete its financial restructuring and emerge from the court-supervised process in the coming days," the company said in a press release issued from its Hudson headquarters.

The company has said all along it hoped the bankruptcy would allow it to reduce its debt by over half a billion dollars while keeping its more than 800 stores open and fully operational.

Thursday's announcement said the company will "preserve the jobs of its more than 18,000 Team Members" as part of the Chapter 11 bankruptcy restructuring.

Chris DiTullio, chief customer officer and co-lead of the interim office of the CEO, called the restructuring a "significant milestone."

"We could not have reached this point without the unwavering dedication of our Team Members, the continued support of our industry partners and landlords, and the tremendous loyalty and enthusiasm of our customers," he said in a release.

Scott Sekella, the company's CFO and other co-lead of the interim office of the CEO, added that the company was grateful to financial and industry stakeholders who enabled Joann to keep operating in recent weeks.

Those stakeholders, which Joann did not name, will now own and operate the company as a private entity.

"With a strengthened balance sheet and improved liquidity, we are better positioned to work collaboratively with our vendors, business partners and landlords, and ultimately to inspire the creativity in our customers that helps them find their happy place," Sekella said in a release.

This article originally appeared on Akron Beacon Journal: Hudson-based Joann to emerge as private company after bankruptcy