The arts and crafts retail sector has seen closures due to various reasons. Beverly’s Fabric & Crafts in California shut down all 40 stores after 48 years. Joann filed for Chapter 11 bankruptcy, leading to IG Design Group Americas Inc. also filing. Artist & Craftsman Supply followed suit, facing economic challenges, with $10-50 million in assets and liabilities.

The 40-year-old Artist & Craftsman Supply chain filed for Chapter 11 bankruptcy to reorganize, citing economic challenges and tight lending restrictions. The parent company listed $10-50 million in assets and liabilities, owing $1.5 million to Cambridge Savings Bank and $1.9 million to the Small Business Administration.

Artist & Craftsman Supply, established in 1985, operates 18 stores and plans to open a new location in Westbrook, Maine. The retailer became 100% employee-owned in 2016, employing 138 workers and catering to a customer base of 120,000 rewards members. The chain provides a variety of art supplies and gifts from popular brands.

Read more at Yahoo Finance: 40-year-old arts and crafts chain files Chapter 11 bankruptcy