Joann Set for Consensual Wind-Down After Bankruptcy Plan Vote

Shuttered crafts and fabrics retailer Joann Inc. urged a judge to approve its plan to liquidate in bankruptcy with broad support from creditors poised to recover just pennies on the dollar.

Joann secured the necessary creditor votes in favor of a company wind-down plan and should be approved for a “value-maximizing” conclusion to its Chapter 11 case, the decades-old chain said Tuesday in the US Bankruptcy Court for the District of Delaware.

The company is funding creditor distributions through proceeds received earlier this year from selling its assets to an Oaktree Capital Management-backed group that conducted going out of business ...