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 ...
note to JoAnn: Too much glitter on seasonal decorations.
DAMN! First it was AC Moore’s and now JoAnn’s!.................
BTTT
there’s an app for that
That was where people bought sewing machine oil for computer fans.
That Singer oil works just right.
Are you suggesting the company died from tackiness?
They’ve been circling for a while. Too much competition. And not enough changes in products. Crafting is always about the new hotness, if you’re selling the same stuff as last year you’re probably not selling.
I have Shopped there even before it was called Joanne..
Sad to see it go.
“no stores or online shopping is expected to be affected by the filing”
I sure hope not. JoAnn’s is the only fabric store close to me.
The one in my city is always pretty busy.
I don’t think woke-ism is to blame - but one rarely knows until it is too late.
Another victim of the tyranical leftist gov overreach during covid?
Really sad. The America I grew up in is dead. I truly hate the commie rock suckers for destroying this land.
I guess Quilt shops will be the only local source of fabric we can see and touch before buying. Walmart has been reducing what they carry - although occassionally I get surprised.
We still have a Michaels.................
Way too many of these stores. Michael’s, Joann, Hobby Lobby, plus the dollar stores.
Thanks for posting. Sad. My girlfriend’s mom was a terrific seamstress and went there all the time.
I don’t think woke-ism is to blame”
It’s not. It’s mostly because an older populace that get their supplies online. It’s the brick and mortar overhead conundrum
“Sad to see it go.”
What’s going?
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