Bankruptcy - Business Outrank

Joann Inc., the craft retailer that has been a favorite for years for its wide range of art supplies and fabrics, has shut down all of its U.S. stores after filing for Chapter 11 bankruptcy at the beginning of this month. The 82-year-old company disclosed that it intends to liquidate its assets to a buyer group, but the successful bidder will begin the going-out-of-business sales at all locations. As of January 2024, Joann had more than 800 U.S. stores, but by February, it had started to shut down hundreds of them. The company also said that it had about 19,000 people nationwide (not including Hawaii) it had employed and also had $615.7 million in debt, including $133 million of that going to suppliers. Just maintaining its retail footprint was costly, with $26 million being spent on monthly rent. Despite having $538.3 million in inventory, the company suffered from supply chain problems that affected its product mix. The closure of Joann's stores is the latest in a series of shutdowns that began with the company's effort to streamline its operations by closing about 500 stores. These moves were thought to be the first step of the company's plan to "right size" its operations. However, the problems didn't end there, and the decision to shut all U.S. stores is a real blow to the company, which not long ago was a haven for crafting enthusiasts. Joann gift card holders will be able to use their cards through February 28, but the final store closures will take place slowly over the next few weeks to avoid affecting business. For many, the demise of Joann Inc. puts an end to an era for a popular destination for crafting.

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