Business news in brief

By The Associated Press

Joann files for Chapter 11 bankruptcy

NEW YORK | Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending and pandemic-era hobbies.

The Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month. Following this process, Joann will likley become privately-owned by certain lenders and industry parties, the company added — meaning its shares would no longer be listed on stock exchanges.

Joann’s more than 800 stores and its website will continue to operate normally during the bankruptcy process, the company said, pointing to a deal it had struck with most of its shareholders for financial support.

EPA bans asbestos

WASHINGTON | The Environmental Protection Agency has announced a comprehensive ban on asbestos, a deadly carcinogen still used in some chlorine bleach, brake pads and other products.

The final rule marks a major expansion of EPA regulation under a landmark 2016 law that overhauled regulations governing tens of thousands of toxic chemicals in everyday products, from household cleaners to clothing and furniture. The new rule would ban chrysotile asbestos, the only ongoing use of asbestos in the United States.

The substance is found in products such as brake linings and gaskets and is used to manufacture chlorine bleach and sodium hydroxide, also known as caustic soda.

Asbestos exposure is linked to 40,000 U.S. deaths each year.

Bill to slow fast fashion gets approval in France

PARIS | A pioneering bill to curb the rampant pace of fast fashion won unanimous approval in the lower house of the French Parliament, making France one of the first countries worldwide to target the influx of low-cost, mass-produced garments predominantly from China.

The fashion industry is among the world’s biggest producers of greenhouse gas emissions. France is seeking to reduce the allure of fast fashion items, setting a precedent in the fight against the environmental degradation they cause.

Lawmakers on Thursday unanimously approved the bill, greenlighting it for the Senate to consider — either to approve it, or to tweak it and send back to the lower house — before it can become law.

—From AP reports