Jo Ann Fabrics to close all stores
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Brian K. Shaffer
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Jo Ann Fabrics to close all stores
#1All stores will be closed by Jan 22nd 2023.
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kevinhaney1
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Re: Jo Ann Fabrics to close all stores
#2Actually, only a few of the stores are closing. You can Google it and find the article.
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SpringCreek
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Re: Jo Ann Fabrics to close all stores
#3At this point I believe it is only select stores, not all. JoAnn is struggling for sure and may well file for bankruptcy at some point. Any liquidation of a company would require a bankruptcy filing, which I don't believe has actually happened. (At least yet).
The retail industry has some challenges ahead, the surge in business during COVID for some retailers (i.e. JoAnn) has tapered and many are now faced with some serious challenges. Declining sales with increasing supply chain costs is not a recipe for success. Bed Bath and Beyond, Wayfair, and others are at some pretty significant risk. I feel for those that work for these companies. I suspect that at a minimum there will be a lot of people losing jobs, and worst case everyone will. I worked for a retailer that went through bankruptcy, it isn't something I wish on anyone.
JIm
The retail industry has some challenges ahead, the surge in business during COVID for some retailers (i.e. JoAnn) has tapered and many are now faced with some serious challenges. Declining sales with increasing supply chain costs is not a recipe for success. Bed Bath and Beyond, Wayfair, and others are at some pretty significant risk. I feel for those that work for these companies. I suspect that at a minimum there will be a lot of people losing jobs, and worst case everyone will. I worked for a retailer that went through bankruptcy, it isn't something I wish on anyone.
JIm
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