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Business
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months Arts and crafts retailer Joann is declaring bankruptcy for the second time in less than a year, officials said. Joann filed for Chapter 11 bankruptcy in a Delaware court, the company said in a news release on Wednesday, Jan. 15. The chain known for sewing and other craft materials said the move will help facilitate a sale to maximize the business's value. Interim CEO Michael Prendergast said the bankruptcy declaration was necessary despite the chain's efforts to drastically improve its financial health. "Since becoming a private company in April [2024], the Board and management team h…

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by Chris Spiker
Real Estate
Entrepreneurs Struggling To Sell $25M New Jersey Mansion Prepare To Auction It Off Entrepreneurs Struggling To Sell $25M New Jersey Mansion Prepare To Auction It Off
Entrepreneurs Struggling To Sell $25M New Jersey Mansion Prepare To Auction It Off A massive South Jersey mansion that had been listed for just under $25 million is weeks away from being auctioned off. The home at 2801 Riverton Road in Moorestown was listed for a reserve price of $10 million with Kevin Steiger of Kurfiss Sotheby's International Realty.  The 40,000-square-foot mansion is owned by pharmacological entrepreneurs Calvin and Orsula Knowlton, who had been struggling to find a buyer, Steiger confirms.  The mansion epitomizes opulence with multiple elevators, four floors, six fireplaces, a pub or tavern, a home gym and sauna, pu…

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by Cecilia Levine