Business Chapter 11 Bankruptcy Information

business chapter 11 bankruptcy information

Venerable Hanover paper firm files for bankruptcy
Hanover paper company Frank Parsons has assured its customers that filing for Chapter 11 bankruptcy protection will not disturb its services.

Filing for Chapter 11 Bankruptcy $22.36 Filing for Chapter 11 Bankruptcy

Chapter 11 $16.5 A wild satire on American business and bankruptcy, centered on an office-houseboat in Long Island Sound…

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Has Jo-Ann Fabrics gone from Chapter 11 bankrupcty to Chapter 7?

I have recently read in the daily local newspaper that Jo-Ann fabrics and Craft stores has gone from Chapter 11 bankrupcty to Chapter 7. After doing research (looking at news, press releases, etc.) I cannot find evidence that this has occured– much less the fact that Jo-Ann was in bankrupcty to begin with. I have only found such articles on two daily local newspaper that even has that story on it. I’m wondering if these newspapers have Jo-Ann Fabrics confused with Hancock Fabrics (Jo-Ann Fabrics is not the offical name of them Jo-Ann Fabric and crafts is and I know that Hancock was in bankruptcy).
I have also aware that Chapter 7 means that the businesses closes immedialty- no liqudation (which the article stated they would cease immedality and begin liqudation.
I need to know this information as my mother works for Jo-Ann stoes and I’m wondering if she needs to begin looking for another job…
Thanks and peace!
-Danny C

Short answer: No!!!

Long answer: The company that is now in Chapter 7 is JOAN FABRICS CORPORATION which specializes in upholstery supplies. For more info, try the following news articles:

“Joan Fabrics Case Converts to Chapter 7″
Source: Delaware Business Bankruptcy Report, 20 Nov/07 (accessed 26 Nov/07)

http://bankruptcy.morrisjames.com/2007/11/articles/news/joan-fabrics-case-converts-to-chapter-7/

“Joan Fabrics Bankruptcy Moved to Ch 7″
Source: MSN Money, 21 Nov/07 (accessed 26 Nov/07)

http://news.moneycentral.msn.com/category/topicarticle.aspx?feed=AP&Date=20071121&ID=7845223&topic=TOPIC_ACCOUNTING_BANKRUPTCY&isub=1

The National Textile Association http://www.nationaltextile.org/ has a company profile for Joan Fabric http://www.nationaltextile.org/nta/history/joan.htm (Accessed 26 Nov/07)

For information about the financial health of Jo-Ann Stores, Inc., (aka Jo-Ann Fabric and Craft Stores) see their company website http://www.joann.com/joann/about_joann/joann_corporate_giving.jsp

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