www.fastcompany.com: Joann Inc, the owner of the Joann chain of sewing and fabric stores, is filing for Chapter 11 bankruptcy, the company has announced. The move comes after the chain has struggled with declining sales in recent years. As a result of its changing financial situation, Joann stock will also be delisted from the Nasdaq.
9 comments:
This article made me really sad-I sincerely hope they're merely going to restructure and not go entirely out of business. It's a crucial store for me as a maker, and I don't know of any other store when I can actually buy that high of quality of materials simply. Whenever I need a bolt of fabric, or some niche supply for a craft I'm working on, Joann Fabrics simply always has me covered. I have a strong emotional attachment to that chain as well, as my parents would take me and my siblings there for crafts to do during rainy days. They said in the article that they will not see stores go out of business, and those that do are in the normal course of operations. I'm relieved, as the headline genuinely made me nervous. I hope that Joanns will be available to shop in for years to come!
This announcement of Joann Fabrics’ bankruptcy is incredibly disheartening and reminds me a lot of the ToysRUs closing. While Joann’s may not be the best quality or have the best arrangement of materials, it is usually one of the only places in rural areas to buy fabric and yarn at a reasonable price. I think post people now will buy a lot of fabrics online, or can really only find them in major fabric districts in big cities, which is unfortunate since it puts great places like Joann’s potentially out of business. So many people do not have that immediate access to stores or the funds for such expensive materials and Joann’s is a dependable, immediately local source. It honestly makes me think of Micarah Tewers youtube videos, and how in so many she stops by her local Joann’s to purchase last minute fabric to her creations, and it makes me think of all the people who will no longer be able to express their creativity due to the closing of these stores.
Craft store social and economical dynamics are an oddly interesting topic to me. At home, I have three craft store options. The closest one is Michael’s, where they have a dwindling supply of limited craft supplies. Next is Hobby lobby, which my family doesn’t politically align with. Much farther away, is Joann Fabric. Although by far my favorite craft store, I rarely got to go to it, because of how far away it was for me. Joannes is always a reliable store, and without it I’m not sure where I would find lot of my more serious supplies. Thank goodness this bankruptcy filing does not yet mean, any immediate closures. In fact, with the financial officer stating the goal of continuing to operate as usual, I am extremely hopeful that the restructuring will assist Joanne fabric in continuing to stay open.
As someone with little financial knowledge, I find it interesting that Joanne fabric would be filing for bankruptcy when the article states many financially positive things. According to the article, most of the stores are cash flow positive, and shares were up 23%. The article lists the main cause as declining sales in recent years, and yet other craft store seem to be doing fine, so I wonder why Joann Fabrics specifically seems to be financially struggling
I’m glad to see that Joann’s isn’t closing right away, or converting to online only, due to filing for bankruptcy. I love going to Joann’s and perusing all the fabrics that are available; it’s one of my favorite craft stores. When I lived and worked in Juneau, AK, Joann’s was the only craft store available. It was where we bought pretty much everything that we didn’t need to special order. It was also great for getting anything at the last minute, since Amazon 1 day shipping doesn’t exist in AK. I find it interesting that Joann’s only been trading their stocks publicly since 2021 and are now being removed from the NASDAQ. I don’t have much understanding when it comes to the stock market, but I feel like three years is a very short amount of time. It’s also interesting that even though all their stores are cashflow positive, they are filing for bankruptcy. I’d be interested to learn what the actual financial problem is.
As a personal lover and hater of Joanns this is very conflicting news to hear. I love Joanns because I love making things and sewing costumes so to have a chain like that die out will be sad. I also think it’s sad one of its main rivals is Hobby Lobby which has its own host of problematic business tactics. However I am also an advocate for local quilt stores and privately owned fabric warehouses that often go out of business when a Joanns is nearby so I also see the uptick in sales for where Joanns goers may flee to next as a good thing (unless it’s you, Hobby Lobby). It’s too bad a crafting store as large as Joanns is dying because what does that say about the market for people making things. Unless everyone has turned to eco-friendly upcycle projects (which I doubt), I think people are making less and less in turn to buying more and more.
I was really surprised to hear that Joann filed for bankruptcy. To me, they have always been the first thing that I have thought of when I think of a fabric store. They have a really wide variety of fabric, sewing machines, patterns, and other sewing and crafting materials, I thought that they would have a wider audience. I also find it interesting because I think that sewing has become more popular in the past couple of years. I feel like I have seen so many people on social media who have begun their sewing journey during the pandemic when we were all quarantined. However, I guess another thing that has become increasingly popular is thrifting and upcycling. In order to do better for the environment. This is normally what I do as well now. Buying fabric second hand is a lot more affordable. Howvern. When I am making something special and have something specific in mind, Joann usually has what I am looking for.
This is so sad! I love Joann Fabrics! There was a Joann Fabrics right next to my youth theatre back home and the number of time I went there to get craft supplies for whatever show we were doing is crazy. They have such an amazing selection of random craft supplies that they are always my first choice and thought whenever I need anything for a project. Durning freshman year, there have been multiple times during various Basic Design projects that I have wanted and or needed to go to Joann Fabrics but sadly the only one is at the water front and so far away. But luckily for Guess Who, we did get to go to Joann Fabrics and I loved that experience and it was so helpful. Overall, I am so sad to here that they are closing down some stores and I hope to see them come back stronger than before.
Dang this is kind of crazy! I honestly have no clue that Joann was going bankrupt. Typically when large companies are going bankrupt, lots of people hear about it. however I have never heard about this. I'm not too surprised because Joanne is in a huge company. However, it definitely is a big enough company, especially in the theater world, that is important. I can say I definitely hope that they figure things out, and that the workers and people who need Joann's don't lose too much. I know there are other fabric stores such as Michael's, and many other things, but of course the more fabric stores the better to compare prices and have more options and more accessibility for everyone. and this does not mean that more people should shop at Hobby Lobby. It's good that Joann is not actually closing, just shifting economical ownership/impact. I guess I don't typically think of bankruptcy as something that has multiple levels and nuances. However, that's definitely what it is and I'm glad that they're not going truly out of business just going bankrupt.
This is so surprising! I had no idea, and I love going to Joann stores so I am relieved to hear they are not yet closing, despite filing for bankruptcy. I wonder what happened within the company to impact them this way financially, I feel like there are many who use Joann stores to get supplies for crafts and sewing projects, and I assume that only increased due to Covid and more personal projects being started. Joann stores are so great, they have a bunch of fun random materials like Micheals, but also so many supplies and fabric stores for fun sewing projects, not to mention so much yarn! I go there sometimes when working on knitting projects. I feel like Joann’s is a great place for “everyday people” (or even some professionals depending on the job) to accesibly get materials for projects - like cosplayers or crafters or people trying to fix things around the house, who don’t know the more hidden or larger/bulk or high end stores for people in the fashion or costuming industry. I would be sad for it to go away due to this new bankrupcy claim.
Post a Comment