Bankruptcy has been haunting this chain for a while.
Petty sure most of the yarn and craft supplies in our home came from JoAnn Fabric stores.
Macy's, Kohl's and BigLots are also doing a lot of store closings. In the retail environment, stores are struggling and are expected to close at DOUBLE the pace of last year, with roughly 25,000 stores nationwide expected to close this year. While 'big box' home improvement chains are not closing retail stores, Home Depot has given up millions of square feet of storage space at public warehouse sites, which indicates a slowdown in that sector.
Buckle up folks, we are in for a ride as the faltering Biden economy transitions to the Trump economy I suspect we will have a lot of hardship in the near term.
Petty sure most of the yarn and craft supplies in our home came from JoAnn Fabric stores.
Macy's, Kohl's and BigLots are also doing a lot of store closings. In the retail environment, stores are struggling and are expected to close at DOUBLE the pace of last year, with roughly 25,000 stores nationwide expected to close this year. While 'big box' home improvement chains are not closing retail stores, Home Depot has given up millions of square feet of storage space at public warehouse sites, which indicates a slowdown in that sector.
Buckle up folks, we are in for a ride as the faltering Biden economy transitions to the Trump economy I suspect we will have a lot of hardship in the near term.
Joann, the bankrupt fabrics retailer, is closing 500 of its 800 stores
New York CNN — normal
Joann, the fabrics and crafts retailer, is closing more than half of its 800 stores in the coming months as it continues to navigate the bankruptcy process.
Approximately 500 stores across the United States are closing, the retailer said in a statement to CNN, saying that “right-sizing our store footprint is a critical part of our efforts to ensure the best path forward.”
“This was a very difficult decision to make, given the major impact we know it will have on our team members, our customers and all of the communities we serve,” a Joann spokesperson said.
Although the company’s statement did not provide a specific list of locations, court filings reveal stores are closing in all 50 states — with California, Florida, Indiana, Michigan, New York, Pennsylvania and Washington among those most heavily affected by the closures.
The major reduction in its footprint comes after Joann filed for bankruptcy last month for the second time in less than a year. The retailer first filed for Chapter 11 in March 2024, but it emerged a few weeks later as a private company and kept all of its stores open.
In its second bankruptcy filing last month, Joann blamed inventory issues that were “acute and unexpected.” The company had previously revealed in court documents that it faced an “unexpected ramp-down, and, in some cases, the entire cessation of production” of some critical products.
The company also said it at the time it was looking for a buyer. Newly filed court documents reveal that as the “sale process progressed, and prospective bidders continued to conduct diligence and refine their potential bids, the debtors and their advisors were able to identify a subset of underperforming stores that are unlikely to be considered or included in any going concern bid.”
Joann joins a growing list of struggling brick-and-mortar stores that are unable to stay financially viable in a changing consumer environment. Many Americans have dialed back discretionary purchases in response to inflation. . .
