Posted on 03/18/2024 7:14:20 AM PDT by ChicagoConservative27
(WJET/WFXP) — Crafts retailer JOANN filed for Chapter 11 bankruptcy early Monday morning. The company, with over 800 stores nationwide, is best known for selling craft supplies, home decor and sewing supplies.
The filing allows JOANN to continue to operate while it repays its debts, meaning no stores or online shopping is expected to be affected by the filing, according to a press release. Additionally, any obligations to employees, vendors, landlords and other trade creditors will be paid or otherwise satisfied in full.
According to court documents, JOANN cited increasing interest rates and decreasing sales after a spike in sales during the COVID-19 lockdown in 2021 and 2022. Despite attempts in June 2023 to reduce costs, the company held over $1.06 billion in funded debt at the time of filing.
(Excerpt) Read more at thehill.com ...
Part of this is caused by a decline in consumer craft engagement, sewing being a big one. Most people wear disposable clothing and/or send it out to a professional tailor, who have their own wholesale suppliers.
It’s my mom’s fault. She just had to give up her quilting hobby due to poor health.
L
Let’s go Brandon!
Let’s go Democrats!
“Economy is great. Diaper brain said so.”
It’s a replay of the Obamanation. Several of my favorite stores either went bankrupt and out of business due to the leftist destruction of our economy. And here we go again... on steroids. Sure, some tanked due to the after-effects of Covid-19, but most were already struggling due to Obamanomics. And some just closed locations (near me), but all a clear sign of an economy in trouble.
Stores now closed that I loved...
Pier 1, Payless, Radioshack, CompUSA, Mervyns, Linens & Things, Circuit City, etc...
Amazon is a one stop shop.
AC Moore was 5 minutes down the road & had a good yarn selection plus great coupons so the loss of that store really ‘hurt’. The Michael’s that replaced them, not so much - I don’t shop there near as often either. Joann’s is a bit of a trip, but has yarn I can’t find at Michael’s. Hopefully, the Joann’s near us will stay open.
They are staying open, for now, under Chapter 11, re-organization.
Chapter 7 is total shutdown.............
Our AC Moore always had a crowd. I was surprised when it went under...............
Yeah, sounds like a victim of Covid. Hopefully, the reorganization will save it from death.
It’s not “covid”, people, it’s LOCKDOWN!
Today mothers spend their money on six dollar cups of coffee while they work some "office job". Make their own clothes? Only homosexual men know how to do that now.
It’s not just crafts that are in a decline, so is sewing, and Joann’s has been a retail source for both areas.
Makes me wonder if Joann’s will have some bargains on some of it’s most expensive inventory, like sewing machines.
That may be true of many items, but there is absolutely no substitute for handling a garment or home decor fabric, color matching the necessary accessories such as threads and zippers, and examining all of them before buying—other than plain muslin. Even there, some bolts can come woven off-square and require wasteful adjustments to make the warp and weft line up properly at 90 degree angles.
I’m not surprised. The stores are depressing. I only go in there when I have to—maybe once a year. Michael’s is much more appealing and Hobby Lobby is a delight, a fun afternoon with other women.
You are absolutely correct. I am going by my wife and her needle art friends. They get most of their supplies online they love going to a store but the convenience of online is hard to beat.
I forget about them - also remembered that Hobby Lobby sells fabric. Thank God for them.
We have one of those, too, in Destin.........
They filed for Chapter 11, so unless that changes I don’t expect any fire sales...
If the info at the above is accurate, some good news.
Hope it’s true. If so, Joann can work through this.
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