Fabric store Joann files for bankruptcy will it keep stores open? [Video]

The Joann fabrics and crafts company has filed for bankruptcy amid a reorganizing of finances.

The Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection on March 18, according to documents obtained by NBC News.

Despite the legal filing, Joann will remain in business.

Will Joann stores remain open following the Chapter 11 bankruptcy filing?

The company explained in an accompanying press release that its more than 800 stores and its website would remain open for business.

“Customers, vendors, landlords, and other trade creditors will not see any disruption in services,” the release said. “The Company remains as focused as ever on providing customers with quality products and services that inspire their creativity.”

Joann, which has been in business since 1943, said in its release that it had secured approximately $132 million in “new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.”

“We appreciate the support from our financial and …