Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy stating in a release it did so “to strengthen the company’s financial position.”

The popular crafting store has 21 outlets in Massachusetts. The Ohio-based chain said it will not close down but could emerge from bankruptcy in about a month privately held.

“Over the past several months, Joann has made meaningful business improvements through the execution of our Focus, Simplify and Grow cost reduction initiative,” said Chris DiTullio, Chief Customer Officer and co-lead of the Interim Office of the CEO.

He added “customers, vendors, landlords, and other trade creditors will not see any disruption in services” during Chapter 11 filing. The company’s stock was initially down with the news as it struggles to recover from a reported $1 billion in debt.

Rising gasoline demand, lower inventories and ongoing geopolitical tensions are pushing pump prices higher, AAA reported Monday.

The average gas price in Massachusetts is up six cents over last week ($3.19), averaging $3.25 per gallon. Today’s price is 6 cents higher than a month ago ($3.19), and 3 cents lower than March 18, 2023 ($3.28). Massachusetts’s average gas price is 21 cents lower than the national average.

“As oil prices rise, gasoline demand is back to pre-pandemic levels, which means higher prices as inventories tighten,” said Mark Schieldrop, Senior Spokesperson for AAA Northeast.