Jo-Ann Stores Benefits from Pandemic Against All Odds

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On December 10, 2020, S&P Global Ratings raised its issuer credit rating on Jo-Ann Stores, LLC to B- from CCC, its first-lien term loan due 2023 rating to B- from D and its second-lien term loan due 2024 rating to CCC from D. The Company's fabric and sewing category has benefited from the pandemic because the demand for face masks ushered in a plethora of new customers looking for sewing tools, fabrics and mask-making kits, according to the ratings agency. Additionally, Jo-Ann experienced rapid growth in demand for arts and crafts supplies from consumers looking for more ways to entertain themselves at home.

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