Joann Inc. - 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.

What's Hot

Madhya Pradesh’s Education Paradox? More Money, Fewer Students

Stock Market Slips as IT Stocks Drag Down Airtel and Reliance Gains

Trade War Intensifies as Canada Imposes 25% Tariffs on $30 Billion in US Imports

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Joann Inc.

Joann Inc. to Close All U.S. Stores After Filing for Chapter 11 Bankruptcy

Madhya Pradesh’s Education Paradox? More Money, Fewer Students

Stock Market Slips as IT Stocks Drag Down Airtel and Reliance Gains

Trade War Intensifies as Canada Imposes 25% Tariffs on $30 Billion in US Imports

Maganomics: Trump’s Risky Economic Strategy Could End in Crisis

Our Picks

Madhya Pradesh’s Education Paradox? More Money, Fewer Students

Stock Market Slips as IT Stocks Drag Down Airtel and Reliance Gains

Trade War Intensifies as Canada Imposes 25% Tariffs on $30 Billion in US Imports

Most Popular

Madhya Pradesh’s Education Paradox? More Money, Fewer Students

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Joann Inc.