Sewing and crafts retailer Joann has taken a loan of $100M.
The company is seeking to boost its liquidity amid a post-pandemic sales slump.
Joann announced on March 10 that it had borrowed $100M under a first-in last-out facility.
- The financing will be used to repay a portion of the company's existing $500M of debt, which takes the form of a revolving loan.
- Joann's access to cash and cash equivalents fell from $30.9M in Q3 2021 to $27.5M in Q3 2022.
- The firm's long-term debt increased from $853.8M to $1.06B over the same period.
- The specialty craft retailer benefitted from a spike in demand during the pandemic but has struggled with falling demand as restrictions were lifted and fewer people stayed at home.
