Just in time for the Greatest Depression when people will probably have to start mending/making their own clothes again.
Another bankruptcy driven by private equity.
More like “another bankruptcy driven by outdated business model”. Leonard Green has owned them since 2010. If the idea was to strip it down, wtf took so long?
Their “business model” seemed so shitty because it was after they were obtained by private equity who loaded up the business with debt and stripped them down to bare bones to look better on paper and do an IPO (2021).
This is textbook private equity vulture capitalism. They even gave the CEO a half million dollar bonus the day before they filed for bankruptcy 😂
Their “business model” seemed so shitty because
Their “business model” is so shitty because the Internet exists. There’s not really a market for specialty brick and mortar stores anymore. Theyre in a weird grey area between boutique and Walmart and have none of the advantages of either.
I spoke to some crafters this morning after your comment and they strongly disagreed. They said that crafters that use fabric like cosplayers, quilters, sewers, and knitters use in-person retail for crafting supplies because ordering online is a gamble on quality and feel and online retailers don’t do returns because fabric is cut to order.
These people must be making a hell of a lot of costumes if they’re buying enough supplies to keep a nationwide chain of stores afloat
Looks like they were bought by private equity in 2010. 15 years later and they’ve sucked it dry, which seems to be happening to a lot of brands these days.
Grrr. That leaves Hobby Lobby for brick and mortar. 🤬
And Michaels, I suppose.
Mine doesn’t sell fabric. :(
The one near me does but admittedly their selection is kind of crap.
Walmart does also in select locations, with the same problem. (That, and finding someone to help you there is nigh impossible. On balance, you could also just grab the entire skein of whatever you wanted and leg it; it’s doubtful anyone there would notice or care.)
“Yep, that’s three yards!”
Probably because market demand was too low. Check and see what other sources of bulk fabric there are in the area. Definitely check for wholesale places.
If there was a Jo-Ann’s down the street, there will be more incentive to offer fabrics now.
I’ll always remember Joann as the only retailer who sent me marketing emails with no unsubscribe button.
- Can I still use my JOANN gift card?
• All JOANN stores will be accepting gift cards through February 28
So, they can’t give a timeline on anything else, and it’s all subject to court approval, but they can just cancel all of the gift cards in 4 days? That is bullshit.
Just one of the many reasons why gift cards are terrible and should be avoided whenever possible.
When Toys R Us went bankrupt, my son had just been born. We’d been gifted a bunch of babies r us gift cards for the baby shower. I went the day the bankruptcy was announced and just went ape on diapers and wipes. Didn’t have to buy any for like 6 months. They cancelled the gift cards like a month later.
Unfortunately crafts is a rich persons hobby these days. When people don’t have money they’re not spending much on their hobbies.
I bet both employees are heartbroken.
Even if they ran these stores on skeleton crews of like 3 people per store which would be insane, that’s still 2400 people losing their jobs
Yeah, sorry. Joke was in bad taste.
I meant to poke fun at how horribly managed the stores were and not at the people who worked there.
