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Crafts retailer JOANN files for bankruptcy
The Hill ^ | 03/18/2024 | JOSHUA HALLENBECK

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 ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Your Opinion/Questions
KEYWORDS: bankruptcy; crafts; joann; retailer
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To: ChicagoConservative27
That is a shame, and yes, I blame Bidenomics for this.

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.

21 posted on 03/18/2024 8:05:36 AM PDT by fwdude (.When unarmed Americans are locked up for protesting a stolen election, you know it was stolen.)
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To: ChicagoConservative27

It’s my mom’s fault. She just had to give up her quilting hobby due to poor health.

L


22 posted on 03/18/2024 8:07:49 AM PDT by Lurker ( Peaceful coexistence with the Left is not possible. Stop pretending that it is.)
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To: ChicagoConservative27

Let’s go Brandon!

Let’s go Democrats!


23 posted on 03/18/2024 8:17:14 AM PDT by blueunicorn6 ("A crack shot and a good dancer” )
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To: ChicagoConservative27

“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...

https://www.businessinsider.com/stores-that-dont-exist-anymore-2018-8#maine-based-olympia-sports-shut-down-its-remaining-stores-in-2022-after-a-slow-decline-followed-by-a-tumultuous-stint-with-private-equity-owners-52


24 posted on 03/18/2024 8:18:09 AM PDT by Danie_2023 (n)
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To: Red Badger

Amazon is a one stop shop.


25 posted on 03/18/2024 8:51:32 AM PDT by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: Red Badger

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.


26 posted on 03/18/2024 9:02:55 AM PDT by Qiviut (If the genocide was unintentional, they would have pulled the poison vaccines, long ago.)
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To: Qiviut

They are staying open, for now, under Chapter 11, re-organization.

Chapter 7 is total shutdown.............


27 posted on 03/18/2024 9:07:35 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Qiviut

Our AC Moore always had a crowd. I was surprised when it went under...............


28 posted on 03/18/2024 9:08:32 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Bob434

Yeah, sounds like a victim of Covid. Hopefully, the reorganization will save it from death.


29 posted on 03/18/2024 9:18:39 AM PDT by Baldwin77 (DJ & JD 2024 (Trump-Vance))
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To: ChicagoConservative27

It’s not “covid”, people, it’s LOCKDOWN!


30 posted on 03/18/2024 9:47:35 AM PDT by HIDEK6 (God bless Donald Trump. A)
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To: fwdude
When I was growing up every girl knew how to sew. Their mothers taught them, and they took home economics in school. Girls were taught how to run a home.

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.

31 posted on 03/18/2024 11:07:40 AM PDT by Governor Dinwiddie (LORD, grant thy people grace to withstand the temptations of the world, the flesh, and the devil.)
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To: ChicagoConservative27

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.


32 posted on 03/18/2024 11:30:48 AM PDT by Wuli (ena)
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To: iamgalt
It’s mostly because an older populace that get their supplies online.

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.

33 posted on 03/18/2024 12:13:05 PM PDT by Albion Wilde (Either ‘the Deep State destroys America, or we destroy the Deep State.’ --Donald Trump)
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To: ChicagoConservative27

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.


34 posted on 03/18/2024 12:39:35 PM PDT by ottbmare (the OTTB mare)
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To: Albion Wilde

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.


35 posted on 03/19/2024 6:56:26 AM PDT by iamgalt
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To: Red Badger

I forget about them - also remembered that Hobby Lobby sells fabric. Thank God for them.


36 posted on 03/19/2024 7:13:44 AM PDT by RebelTXRose (Our Lady of Fatima, Pray for us! PRAY THE ROSARY!)
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To: RebelTXRose

We have one of those, too, in Destin.........


37 posted on 03/19/2024 7:22:21 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Wuli

They filed for Chapter 11, so unless that changes I don’t expect any fire sales...


38 posted on 03/23/2024 10:05:30 AM PDT by mewzilla (Never give up; never surrender!)
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To: Red Badger

https://www.masslive.com/business/2024/03/heres-how-joann-plans-to-keep-its-fabric-stores-open-amid-bankruptcy.html

If the info at the above is accurate, some good news.

Hope it’s true. If so, Joann can work through this.


39 posted on 03/23/2024 10:09:07 AM PDT by mewzilla (Never give up; never surrender!)
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