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Joann Faces Loss, Implements Cost Reduction Plan

Despite reporting sales that topped Wall Street estimates, fabric and craft store Joann incurred profit losses in the fourth quarter (and full year) and has begun implementing a $200 million annual cost reduction plan. "Earlier this month, Joann announced a new credit facility that adds a series of $100 million first-in last-out loans, adding to its existing $500 million asset-based revolving credit loan," per Chain Store Age.

Read the whole story at Chain Store Age »

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