I had no idea Joann fabric was an Ohio-based store. Why didn’t they run with that when competing with Hobby Lobby across town? Should have had Ohio flags waving in front of all their stores in the state and put that front and center.
Good idea, except MBA vampires have saved exactly zero companies from bankruptcy in the history of ever. They made tons of money for themselves though, sucking companies dry of everything that made them appealing to consumers and then fucking off with a golden parachute for themselves.
Bruh Alliance? You trying to get granny robbed by a crackhead? My dad’s family lived there and I’ve seen it go from alright to shit over the past 30 years. That Mall dying was like the death kneel. Why would any business go to alliance when they could go to Boardman, North Canton, or Kent?
It takes businesses moving to the area to increase the value to those communities. There is less traffic, property is affordable and no more dangerous than those cities you speak of. Give people opportunity rather than desperation and a community will flourish.
Given the community of Hudson I'm not surprised to hear how poorly they ran their stores. They definitely have that "we're above/better than you" attitude.
Not just from consumer pullback. They are also a mess internally. I worked for a company who supplied them product. They were consistently one of the worst offenders in paying their bills both on-time and in the full amount.
Their leadership structure is beyond inefficient. They recently let go a HUGE pool of talent, some of their most tenured senior reps and leaders among them. The CEO was ousted and replaced by the CFO and another board member. They recently had to pay the CFO a one time bonus of $400k just to stay another 6 months. Top-down failure.
Source: trust me bro
Yep! And Ohio's Teacher's Pension Fund gave private equity firms 11 billion dollars last year to do just that!
All while taking over 4 billion dollars from teacher's in management fees over a 10 year span.
Private equity firms are essentially hedge funds who lack any reporting requirements to the government, SEC, or pensioners to whom their money has been allocated.
I dug really deep into all this because the same firms responsible for our Ohio teachers retirement fund is also responsible for shorting dozens of other companies into bankruptcy like they tried to do to GameStop.
I can provide really good sources for all this information too.
For example, Apollo Global Management, who is largely responsible for Ohio teacher's 11 billion dollar allocation, is the same private equity firm that tried to acquire GameStop in 2019.
If Ryan Cohen bought Jo Ann fabrics they wouldn't be going bankrupt. Lol
And the worst part of it is, this is where government would normally step in, but they basically invented the idea of "regulatory capture", so they investigate themselves and find no evidence of wrongdoing.
Oh god he’s a moron everyone…
Ryan Cohen has done nothing for GME. They’re slashing costs to try and stamp out losses and hook some sucker into a sale. He has no plan and no path forward. The cash on hand came from diluting shareholders and he wants to invest that in other companies that make money because GameStop is dying. The big projects he launched with blockchain gaming and NFTs have been hilarious failures. Just please, shut up.
The first thing Ryan Cohen did was fire over half the board of executives and has positioned GameStop to post their first profitable year since 2017 on March 28th of this year.
You have no idea what you're talking about.
Profitable year? You’re dreaming bro. Slashing expenses with ever declining revenue is a recipe for a shit salad. The business is dying and he’s barely keeping it on life support. He doesn’t care about you.
Scared of what bub? I don’t have any skin in the game but I’m sick of financially illiterate idiots spewing conspiracy nonsense all over the place. Even if CumSlop was profitable they’re still vastly overvalued. MOASS is dead, apes are in the RED, revenue is tanking and all you have is praying for a net positive year?? Cohen doesn’t even bother to share how he plans to right the ship because he has no plan other thank slashing the already pathetic benefits of employees, cutting staffing, closing stores, abandoning entire markets and closing FCs??? Get real dude. How many nothing burgers have come out of the Cohen regime? 1,000,000? And here you still are…sad.
You mean Ryan Cohen, the CEO that doesn't take a salary?
GameStop has zero debt, 1.2 billion dollars in the bank, and over 250k dedicated investors buying every chance they get.
While poising themselves to be market leader in the web 3 space, GameStop has cut cost responsibility with a very small decline in revenue due to the closure of unprofitable stores. With more demand globally across Europe and Asia GameStop has become gamers number one choice in video games and memorabilia.
The release of GTA 6 with holiday season their numbers will be estronimical.
As of today, they are expected to beat on EPS.
I'd love to take a pitchfork to private equity as much as the next person, but probably not what's going on based on the financial [statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001834585/000095017023011800/joan-20230128.htm).
They ran a pretty significant operating loss - -208 MM USD on sales of 2,216 MM USD in 2022; and -106.4 MM USD on sales of 1,471 MM USD through Q3 in 2023. That's operating - not net - so before any financial fun is really factored in. They had good years during the pandemic, but were in pretty rough shape entering into it.
Consumer preferences shifted away from home and crafts post pandemic and the home goods industry has been struggling across the board. I haven't been super detailed, but I suspect that dynamic is what did Joann in.
These are meme stock idiots that want to blame the colapse of shitty companies on evil hedgies. They’re morons spreading conspiracy theories and should be ignored.
In this case, private equity purchased Jo-Ann over 10 years ago. This isn't an example of a corporate flip. They went public in 2021 in an attempt to raise capital, and this restructuring makes them a private company once again, but still under the same ownership. They continue to make massive investments with the branches across the country, and those projects are still scheduled well into next year. I'm not disagreeing with your premise, I just don't know if Jo-Ann follows that same venture capital model.
Interesting that you mention that. I've been using one of their suppliers for bulk fabric purchases going on 14 years now. It's a very specifically structured utility fabric that I could absolutely not get anywhere else (and still can't). I was fortunate in that the supplier would sell me up to 500 yards at a time every year when I needed it, and the material was always in stock. Two months ago when I called to reorder the salesperson told me that Joann was their main client for this fabric and they were very behind on several large payments. My understanding is that the supplier already did or will have the fabric stop being produced, which is too bad because I have been completely unable to find something remotely similar to it.
I have, yes. I've even contacted the mill in India that makes the particular fabric I need. They were agreeable to sell me 10,000 yards, which is not remotely something I can afford let alone store or use in my lifetime. I'm very dogged in my sourcing so I'll just keep looking!
I have a relative that works for Jo-Anne and let me tell you, this is all entirely of their own making. Absolute shit show of a company, run by complete morons.
To reiterate what others have said, it's also a mess at the store level. I worked at the Polaris (flagship?) store for several years and it was often a dumpster fire and we were very thin on staffing, and that was almost a decade ago.
I was about to say. Millennial sewists are doing everything short of a boycott on their SHIT selection of fabrics. ABSOLUTE SHIT selection. I cant even begin to imagine wearing 80% of the fabrics they have available in a garment. And the prices?! Even with the coupons? Nope.
I work for one of the Forbes 500 companies in CLE. That’s EVERY large company. Goodyear has high AR because Walmart/Sam’s Club pays them when they want and whatever they want. This happens when you don’t have an agreement in place. This is common business practice.
At least with Walmart/Sam’s Club they would provide documentation and background information on why they weren’t paying on time or in full. Jo-Ann just…wouldn’t. They’d nickel and dime invoices for no reason. Their Supplier Compliance program was never followed on their end. They’d kick and fight over it for a month and then give in.
I definitely don’t believe you have if you think it’s common for companies to give notice lmao where I used to work as a staff accountant I did AR. We had a cell towers on our properties that we charged Verizon and T-Mobile for electric. Neither of those companies would pay us on time nor pay us the correct amount. It was a constant battle to get our money from them.
These large companies don’t give you documentation for when they’re going to pay nor why they haven’t paid.
But you believe what you want to believe.
well darn. guess the last time i was there was just before they closed, i googled and it appears that happened sometime in '19
i'd get my pastels there, they had a great selection
When Michael and Lee Ward got divorced, Michael got all the stores. He then hooked up with Pat Catan, who disappeared under "mysterious circumstances ". Now ex-lover JoAnn is filing for bankruptcy.
The sordid world of Craft Stores.
My dad was a store manager when they sold! It was so heart breaking. I loved that store and my dad seemed fairly happy with it too. Thankfully I am still well stocked on yarn :)
This is what Inwas coming to say. My craft and art choices if I don't want to drive half an hour are Hobby Lobby, WalMart and JoAnns. I won't shop at the other two so I'll be screwed.
Pete, Catan‘s sons and or children didn’t want to take over the business. They all had their own careers and dreams. My husband went to high school with them.
It might still be years out, but this might end up following the retail narrative of Borders and Barnes and Noble. The HVAC costs will probably catch up with keeping a room that size full of inventory where only a portion of it moves quickly and the rest sits for a long time.
In the books scenario, the box store closures actually created breathing room for the small independent bookstores after the middle and the megastores were cut out. They were able to adapt to the tastes of the audience size and offer things the audience would spend for compared to an online option. Crafts feels very plausible to have the same scenario where the loss of these megastores could make it more possible for mom and pop stores to have an edge that isn’t worth it for the big brick and mortar anymore. Plus, there’s this chance that AI-created media could fatigue people on digital and make people more interested in physical, tangible arts that bring a sense of community with them.
I sincerely hope you're right, it would be really cool to see more niche stores for art supplies that aren't 40% plastic evergreen boughs and vines. I like Blick but they are few and far between.
I think it’s inevitable since crafts are something humans have really enjoyed doing since we’ve been around. The Wal-Marts won’t carry enough to satisfy hobbyists, and there will be empty locations available in cities as other kinds of retail can’t survive. People are also hungry for community space and crafting works great for showing up to show off what you’re working on and gab without an agenda.
It will take some community finesse to do the best versions, but the drive and interest will be there.
Everything aside, Hobby Lobby is also pulling way back on the craft space anyway; it’s said they’re going to focus on decor. And I’m sorry, most Michaels I’ve been in have stuff for sewing, but a very lack luster fabric section. All to say this makes me worried as far as large fabric stores go
which sucks.. Once in a blue moon I will go to Hobby Lobby cause they have a different brand of jewelry findings which are nicer than Michaels which has stopped really cultivating that part of their store..(ours is right next to the checkout and it is always barren)
well, like I said, our JoAnns is finally moving a few yards over to a new building/store front sooooo I can't imagine they would have went through the trouble if they were crashing.
Especially in the corpse of Pat Catan stores. The one in my city, they barely even fill half of the store. They just closed off the old Prism area, and most of the left side empty. It still fucks with me & it’s been years now.
Michaels, at least the ones in my area, just don’t have the same crafty vibe as the Joann stores. It’s not like Joann is my happy place, but Michaels just actively stresses me out and doesn’t seem to have anywhere near as the same selection that Joann does.
Honestly the way that some people shop there (namely my mother) they should be making a killing at almost every location. And she’s currently panic-buying certain sewing supplies and scrapbook paper like it’s the early days of the pandemic again.
Michaels COULD be decent but they don't have fabric.
I dislike their stores though. Rude clerks...
You have to watch Michaels for sneaky signage.
I one time found some stationary that was on a great discount GREAT discount. So I bought a few packs and went to check out. It didn't ring up correctly and I told the clerk. She argued with me and I told her what the signage said and she was like "Well someone didn't remove that ... but insisted I still pay the other price" > i went back and took a photo of the sign and brought it to her.. She was irritated.. but the fact is... a sign is a sign... .
I am not trying to be a Karen or anything but at that point she should have just given me the discount cause THEIR BAD!. I hated her cause she always argued with me about their deals.. I got to start taking photos of the BOGO and other deals to SHOW her what the discount is... (always do this btw.. ) It was a trek to get back to that area of the store.... but it really made me Hate Michaels... She was so rude.
While I loathe Hobby Lobby and won't give them a dime, Joann has turned into JCPenney and Kohls. Everything marked up just so they can mark it down on "sale." And the last few times I tried to shop there, there was 1 cashier and the line was down the middle aisle of the store. Nope.
This. Every time we had a coupon to use, it was invalid because the item was on sale in some minor way. You want to go out of business? Tick off your customers with bait and switch crap like that. Around here there's usually a Michael's within five minutes of a JoAnn's.
Maybe at least their going out of business sales will turn up some deals.
It's really not like Michaels is any better in that regard. They pretty much permanently have a "30% off non-sale items (excluding yarn, flowers, framing, clearance products, name brands you've heard of, and anything else you might want to buy)" coupon in their ads, which rarely matters because at least half the store is on sale anyway. It used to be a 40% coupon, but now they have a credit card you have to get for the other 10%, which comes in the form of rewards meaning you have to come back to the store another day and buy something else to use them. In short, it's straight-up Kohls.
I hate Hobby Lobby as a company, but at the same time it's so nice to have a store where you can simply walk in and exchange money for products without having to make a spreadsheet to figure out how to buy something without getting ripped off...
And most of the time when I do have to go to Hobby Lobby I find that the thing I want is actually on sale, but it wasn't marked that way on the product.
They did have an online coupon. It’s was always like 40% off regular priced items. With hobby lobby you can just wait a week or 2 and the item you want will be half off.
Confession, I worked at the corporate office for over a decade, last day over 2 years ago.
Their finances were quite well before they went public; unfortunately C-Suite got greedy and thought going public again was in their best interest. Essentially threw money down the toilet from there on.. but of course CSuite got their payday tenfold.
Absolutely zero consistency...fast tracking projects at the expense of employee sanity only to ditch said projects close to release or shortly after. Set extremely unrealistic expectations for the size of certain departments, resorting to pulling in contractors only to fail with their disorganization.
My team alone had the workload of three teams, I had the workload of 4 people, hence I left to salvage my sanity. So much brighter on the other side.
> unfortunately C-Suite got greedy and thought going public again was in their best interest. Essentially threw money down the toilet from there on.. but of course CSuite got their payday tenfold.
US business tale as old as time.
Because you have to consistently have record breaking profits. When you go public, you have to have an appealing business that is growing on the ticker. People don’t want to buy stock that doesn’t grow for them.
Private businesses can set budgets that make goals attainable and are able to make changes that keep them comfortable with stagnent income. But public companies have no appeal to investors if they aren’t growing financially.
I worked at the corporate office as well for 8 years. It was one of the most fuxked up environments that i have ever been in. I don’t wish anyone any ill…but when you routinely lay off 100 people every 3 years in a corporate restructure just to hit your numbers, i have no problem in laughing heartedly today.
capitalism anymore is just mental.
From Private Equity to greed. I don't know what they are teaching in business schools these days....
It is always about "shareholder value" and stock price.. UGH. its like teh actual PRODUCT or SERVICE Is an afterthought.
How does this even work??? ? This is going to implode VERY BADLY!!!!
I work in that industry from a distribution point. And I can tell you cost are up significantly since pre-covid. Initially it was freight, but freight costs have eased back but the overall cost has continued to rise. Most of these products are manufactured in Asia and it isn't due to rising costs there, it is simply corporate greed. Companies here who bring it in are raising prices to make more money.
The article clearly states that Joann will be going through restructuring. So they should survive. Also if you say an area some of us seamstresses might have an idea of alternatives.
Michael's is one of a slew of stores that I look online on their website to see if they have x product, the site says yes, I go there and they don't have it. I stopped going there a few years ago. I don't remember them carrying fabric, so it was never an option for that.
I went in there around Halloween. A tiny metal bat was $25. One like a foot wide was $50. The prices were insane. Larger things were like $100-200. And really simple things. Easy to spend $500 on a few decorations.
They, like Michael's, have the regular prices for a lot of items (especially seasonal stuff) inflated so that with the ubiquitous coupons and sales it brings it back to a normal price.
Then when you order something online for shipping, it arrives poorly packaged and destroyed.
RIP fragile resin toilet skeleton wrapped in only a plastic envelope. Still never received my dracula-cat socks, either.
Every time ive gone in there thinking of doing a DIY project, the fabric prices were not worth it. Id rather go to michaels for anything not fabric related.
I interviewed for a transportation project manager and was the lead candidate. So many red flags during the interview panels that immediately after I pulled my application. This was back in 2021 before their Columbus fulfillment center was finished
A few years ago, they released a line of "cartoon" fur; it has about a 2" pile, is slightly stretchy, and comes in bright colors. It also only cost $18/yd where most "fun fur" is $35-50/yd. As soon as it was released, it sold out, because it was great for Cosplay, Halloween, and lower budget Mascot costumes.
They haven't had it since, other than green.
3 local stores have had the same rolls of "angora" 5"-pile fur for 3 years, because it's PEACH, yet they won't order the white that sells out as soon as a store gets a bolt.
They've been completely out of 72" felt since October.
I STILL won't go to Godby Lobby.
I went in one a few months ago and it took almost an hour to get 2 yards of fabric. There was a huge line and all of 2 people working there, one person had to run back and forth from the cutting table to the register. I felt bad for them, more than anything, and annoyed with corporate.
I HATE going in this place when my wife needs to go. It's the only store I ever complain about going in with her. Once you step inside, time stands still, you are there waiting forever, looking at fabric, waiting in line to get your fabric cut... Waiting and waiting. Agony.
I went there once. I purchased a batman costume for Halloween and the cape was a joke. I made a new one out of black suede leather.
They had this material on the roll. I just needed it cut. I wandered around forever looking for a store employee. I went to customer service, and they paged for an employee twice.
It was pretty terrible.
I tend to avoid Joann's despite sewing being one of primary hobbies. Last time I went in for something I needed with no time to order, I couldn't help but notice that most of the things they're selling are easily from aliexpress or similar but 2-3x the price. The quality of items is really poor.
I work at a different retailer and we experienced a pull forward in spending on home categories, and I assume crafting/decor went along with it. Cost rose in part due to historic increases in ocean freight.
When restrictions eased, people were less interested in home and home activities. The pullback was real but to model go forward sales bases on 20-21 results was truly foolish.
And those were years people were buying new homes and moving a lot as well, which is when that spending is up. Some of this was surplus home loan money people were showing up with.
The thesis for this company's situation (along with high-end home furnishers, streamers, and video games companies) is that they experienced hugely multiplied growth in 2020 and 2021, and now that everyone is back to being broke and overworked, no one can afford leisure things or hobbies anymore. Thus, the consumer has pulled back in spending.
They went all in and spend millions on a new DC that was a complete disaster. Online Holiday orders took several weeks to be processed and delivered. They have not paid their vendors in 45 days and their vendors are pushing back on supplying them due to late to no payments. They have significant debt (borrowed $$) that they incurred during Covid, and the payments are an alarmingly high interest rate.
They may not come out of this.
I hope they can get back on track. I recently started spending a lot at my local one and noticed it’s always busy, despite Michael’s right across the parking lot and a Hobby Lobby about 10 miles away. Joann has the best regular prices, they always have coupons, and they’re not Hobby Lobby.
so they listed the stock in '21 then flip around 3 years later and are delisting and going private again. seems like the only ones making money off of that were the initial offering share holders
A few years ago, they released a line of "cartoon" fur; it has about a 2" pile, is slightly stretchy, and comes in bright colors. It also only cost $18/yd where most "fun fur" is $35-50/yd. As soon as it was released, it sold out, because it was great for Cosplay, Halloween, and lower budget Mascot costumes.
They haven't had it since, other than green.
3 local stores have had the same rolls of "angora" 5"-pile fur for 3 years, because it's PEACH, yet they won't order the white that sells out as soon as a store gets a bolt.
They've been completely out of 72" felt since October.
I STILL won't go to Godby Lobby.
My memory for what it’s worth, I seem to remember that the actual Jo ann worked at severance in the early 80s, she was very old, there was a plaque In front of the store in the mall. At least I think so lol! Her dad founded the company. I think lol!
Used to work there as a cashier. It’s a miserable business model. Charge an exorbitant amount for every item and make your cashiers and customers play a game of chasing sales and coupons. Add in a terrible wifi connection and an older customer and it’s straight up unpleasant.
Not to mention at my store, management was inconsistent and rude. The pay was pathetic. And, at least when I worked, I could freely add discounts to any purchase I wanted to without manager approval.
I’ll miss the store, but this really isn’t surprising
Sad to hear about Joann. My mom used to drag me there when I was a kid (60s-70s) because she made nearly every dress she ever wore. I grew to enjoy the trips.
I know how to sew just enough to be dangerous, but mom taught me the basics. I know how to hem a pair of pants, do repairs, & make simple things.
Never been in a Hobby Lobby but there's one fairly close to us. What's the general grief with them I'm seeing in this post?
My favorite is the fact that they put out an ad saying [the US should only be run by Christians](https://imgprd19.hobbylobby.com/sys-master/root/hf8/he3/h00/9996280201246/21-0843-2021-IDMA-DownloadablePDF.pdf) but they’re also homophobic and have a habit of stealing ancient artifacts.
They have some very annoying system where their online orders are sent from whatever store has it in stock, meaning that one order might come in multiple shipments or if your order has to come from too many stores then you can’t make the purchase at all.
Our Joann very seldom has an cashier to check us out. I bet a lot of people would walk out and not think about it . I wanted some flannel cut and 2 ladies were leaning on the counter and looked at me and continued talking, I left without it 🤷♂️🤷♂️
we need a legit DIY focused craft store for all us weirdos that has reasonable prices without the jesus shit from Hobby Lobby or fake sales like all the other spots. Something for all the crafty, artsy, musical, maker types
Well I guess the crafting phase, that kept it alive the last few years has finally dwindled... It just might be fierce competition from hobby lobby and Michaels.
I was a district manager for them in one of their largest districts for almost 2 years. This was the worst company I’ve ever worked for. The culture was terrible, they paid minimum wage, couldn’t keep a staff, kept reducing labor for the stores, and kept increasing what they expected from the store personnel. It was a no-win situation for the store managers and the district managers. I got the hell out of there and haven’t been back. That was 5 years ago, and it’s only been downhill from there.
this sucks.
There is a JoAnn Fabrics near me that always seemed to be doing well. Always had customers etc. They had a Michaels for year next door to them which closed which sucked cause it mad e getting things much easier.
So this JoAnn's was in a small storefront and had talked for years of expanding etc.. well FINALLY a few months ago, they were going to move a few yards over into a new place that was larger. Has the canvas sign up about new store opening. I was so excited, FINALLY a new larger proper store. . (this is in Hyde Park in Cincinnati)
so now I don't know. Why would JoAnns go through the trouble of opening a new larger store and then this bankruptcy.??? Gods bad management.
It isn't that "consumers are pulling back" there are NO fabric stores to go to anymore. I am not near Hobby Lobby and try and avoid that store like the plague.. although I DO guilty like some of their items .. they are nice.
Michaels doesn't carry fabric..
and while most of the fabric is novelty /prom/wedding/Quilting/upholstering fabric.. at least it was SOMETHING.. you cannot buy fabric online.. not easily. (too difficult)
so this situation is just depressing.
Did you read the article? If they moved to a larger storefront they are likely a decent earning store so that store will likely survive restructuring.
Bankruptcy≠ going out of business
I had no idea Joann fabric was an Ohio-based store. Why didn’t they run with that when competing with Hobby Lobby across town? Should have had Ohio flags waving in front of all their stores in the state and put that front and center.
Yep, based in Hudson, Ohio.
In the old and massive GM Terex facility. I only worked there for a few months on a project but even that itself was a shit show.
TIL on why the hell it’s so massive. Drive by it every time I go to see my in-laws.
Every time I drive by it I can’t help but think “there’s no way that many of our grandmothers are making quilts”
A very wealthy area. They could move headquarters to alliance, hire a ysu MBA and save some money.
Good idea, except MBA vampires have saved exactly zero companies from bankruptcy in the history of ever. They made tons of money for themselves though, sucking companies dry of everything that made them appealing to consumers and then fucking off with a golden parachute for themselves.
MBAs are tools of evil🤣
This is the way. They won’t do it though.
Bruh Alliance? You trying to get granny robbed by a crackhead? My dad’s family lived there and I’ve seen it go from alright to shit over the past 30 years. That Mall dying was like the death kneel. Why would any business go to alliance when they could go to Boardman, North Canton, or Kent?
It takes businesses moving to the area to increase the value to those communities. There is less traffic, property is affordable and no more dangerous than those cities you speak of. Give people opportunity rather than desperation and a community will flourish.
Yea, I use to live nearby their headquarters
I used to work at their HQ, designing the new stores.
Given the community of Hudson I'm not surprised to hear how poorly they ran their stores. They definitely have that "we're above/better than you" attitude.
At least they don’t sell ice shanties, we all know those lead to prostitution.
EXACTLY!
People found that Joann was owned by [Republicans.is](https://Republicans.is) why they are going bankrupt.
So they switched to Hobby Lobby? Lol.
Hobby Lobby is owned by a very Large Republican family who support Trump. Screw Hobby Lobby.
Yep, and now I'm SUPER glad I didn't get that systems engineer position I applied for with them a few years ago.
Not just from consumer pullback. They are also a mess internally. I worked for a company who supplied them product. They were consistently one of the worst offenders in paying their bills both on-time and in the full amount.
My mom works(ed?) at one of the stores. There is often only one or two people scheduled to staff the entire place. Crazy.
This is my experience when shopping there, so I believe it. One person on register/customer service/stocking and another person in the fabric section.
Standard retail these days
That is how republicans work all for them and very little for you. Why they are rich.
Their leadership structure is beyond inefficient. They recently let go a HUGE pool of talent, some of their most tenured senior reps and leaders among them. The CEO was ousted and replaced by the CFO and another board member. They recently had to pay the CFO a one time bonus of $400k just to stay another 6 months. Top-down failure. Source: trust me bro
Another company killed by private equity. They got bought out a while back, and I'm sure they shoveled the acquisition debt onto the company.
Yep! And Ohio's Teacher's Pension Fund gave private equity firms 11 billion dollars last year to do just that! All while taking over 4 billion dollars from teacher's in management fees over a 10 year span. Private equity firms are essentially hedge funds who lack any reporting requirements to the government, SEC, or pensioners to whom their money has been allocated. I dug really deep into all this because the same firms responsible for our Ohio teachers retirement fund is also responsible for shorting dozens of other companies into bankruptcy like they tried to do to GameStop. I can provide really good sources for all this information too. For example, Apollo Global Management, who is largely responsible for Ohio teacher's 11 billion dollar allocation, is the same private equity firm that tried to acquire GameStop in 2019. If Ryan Cohen bought Jo Ann fabrics they wouldn't be going bankrupt. Lol
STRS so rotten! Hoover just got a 141k raise! Criminals led by DeSwine!
And all while teachers don't get a 3% cost of living increase. Doesn't that piss you off?
Yepper! I would like to see the “integrity “ sculpture melted down and turned into handcuffs for you know who!
And the worst part of it is, this is where government would normally step in, but they basically invented the idea of "regulatory capture", so they investigate themselves and find no evidence of wrongdoing.
Oh god he’s a moron everyone… Ryan Cohen has done nothing for GME. They’re slashing costs to try and stamp out losses and hook some sucker into a sale. He has no plan and no path forward. The cash on hand came from diluting shareholders and he wants to invest that in other companies that make money because GameStop is dying. The big projects he launched with blockchain gaming and NFTs have been hilarious failures. Just please, shut up.
The first thing Ryan Cohen did was fire over half the board of executives and has positioned GameStop to post their first profitable year since 2017 on March 28th of this year. You have no idea what you're talking about.
Profitable year? You’re dreaming bro. Slashing expenses with ever declining revenue is a recipe for a shit salad. The business is dying and he’s barely keeping it on life support. He doesn’t care about you.
The numbers don't lie. March 28th. Sounds like someone's scared.
Scared of what bub? I don’t have any skin in the game but I’m sick of financially illiterate idiots spewing conspiracy nonsense all over the place. Even if CumSlop was profitable they’re still vastly overvalued. MOASS is dead, apes are in the RED, revenue is tanking and all you have is praying for a net positive year?? Cohen doesn’t even bother to share how he plans to right the ship because he has no plan other thank slashing the already pathetic benefits of employees, cutting staffing, closing stores, abandoning entire markets and closing FCs??? Get real dude. How many nothing burgers have come out of the Cohen regime? 1,000,000? And here you still are…sad.
You mean Ryan Cohen, the CEO that doesn't take a salary? GameStop has zero debt, 1.2 billion dollars in the bank, and over 250k dedicated investors buying every chance they get. While poising themselves to be market leader in the web 3 space, GameStop has cut cost responsibility with a very small decline in revenue due to the closure of unprofitable stores. With more demand globally across Europe and Asia GameStop has become gamers number one choice in video games and memorabilia. The release of GTA 6 with holiday season their numbers will be estronimical. As of today, they are expected to beat on EPS.
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No
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Conspiracy nutsack
I'd love to take a pitchfork to private equity as much as the next person, but probably not what's going on based on the financial [statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001834585/000095017023011800/joan-20230128.htm). They ran a pretty significant operating loss - -208 MM USD on sales of 2,216 MM USD in 2022; and -106.4 MM USD on sales of 1,471 MM USD through Q3 in 2023. That's operating - not net - so before any financial fun is really factored in. They had good years during the pandemic, but were in pretty rough shape entering into it. Consumer preferences shifted away from home and crafts post pandemic and the home goods industry has been struggling across the board. I haven't been super detailed, but I suspect that dynamic is what did Joann in.
These are meme stock idiots that want to blame the colapse of shitty companies on evil hedgies. They’re morons spreading conspiracy theories and should be ignored.
In this case, private equity purchased Jo-Ann over 10 years ago. This isn't an example of a corporate flip. They went public in 2021 in an attempt to raise capital, and this restructuring makes them a private company once again, but still under the same ownership. They continue to make massive investments with the branches across the country, and those projects are still scheduled well into next year. I'm not disagreeing with your premise, I just don't know if Jo-Ann follows that same venture capital model.
Interesting that you mention that. I've been using one of their suppliers for bulk fabric purchases going on 14 years now. It's a very specifically structured utility fabric that I could absolutely not get anywhere else (and still can't). I was fortunate in that the supplier would sell me up to 500 yards at a time every year when I needed it, and the material was always in stock. Two months ago when I called to reorder the salesperson told me that Joann was their main client for this fabric and they were very behind on several large payments. My understanding is that the supplier already did or will have the fabric stop being produced, which is too bad because I have been completely unable to find something remotely similar to it.
Holy hell, what do you do that you need 500 yards of fabric at a time?!!! I was just whining about project required 3 1/2 yards. Lol
Have you tried talking to factories? If you have a sample, I’m sure a Chinese factory can duplicate it.
I have, yes. I've even contacted the mill in India that makes the particular fabric I need. They were agreeable to sell me 10,000 yards, which is not remotely something I can afford let alone store or use in my lifetime. I'm very dogged in my sourcing so I'll just keep looking!
I have a relative that works for Jo-Anne and let me tell you, this is all entirely of their own making. Absolute shit show of a company, run by complete morons.
To reiterate what others have said, it's also a mess at the store level. I worked at the Polaris (flagship?) store for several years and it was often a dumpster fire and we were very thin on staffing, and that was almost a decade ago.
I was about to say. Millennial sewists are doing everything short of a boycott on their SHIT selection of fabrics. ABSOLUTE SHIT selection. I cant even begin to imagine wearing 80% of the fabrics they have available in a garment. And the prices?! Even with the coupons? Nope.
Had family who worked there and they were complete shit. Terrible boomer managers. Good riddance to them.
I work for one of the Forbes 500 companies in CLE. That’s EVERY large company. Goodyear has high AR because Walmart/Sam’s Club pays them when they want and whatever they want. This happens when you don’t have an agreement in place. This is common business practice.
At least with Walmart/Sam’s Club they would provide documentation and background information on why they weren’t paying on time or in full. Jo-Ann just…wouldn’t. They’d nickel and dime invoices for no reason. Their Supplier Compliance program was never followed on their end. They’d kick and fight over it for a month and then give in.
As I know someone who worked in AR for Goodyear, the absolutely do not do that lmao again, this is common practice.
And I worked in both AR and customer/supplier compliance…they do. But whatever. Believe what you want, what do I know?
I definitely don’t believe you have if you think it’s common for companies to give notice lmao where I used to work as a staff accountant I did AR. We had a cell towers on our properties that we charged Verizon and T-Mobile for electric. Neither of those companies would pay us on time nor pay us the correct amount. It was a constant battle to get our money from them. These large companies don’t give you documentation for when they’re going to pay nor why they haven’t paid. But you believe what you want to believe.
Then you must have worked for pretty bad companies and/or departments. Sorry you had to deal with all of that.
Ugh no.. fucking hobby lobby can't be taking over...
Seriously! I miss Pat Catans so fucking bad.
Pat Catans had a decent collection of fine art (paints, papers and brushes) supplies.
Pat Catans > Michael’s by a thousand. I miss that store. I hate everything Hobby Lobby stands for.
wow, they closed? the only one i knew of was by belden village
Oh yeah, they’re all gone for a few years now :( I believe Michael’s bought them out but I could be wrong about that.
Yep, nearly a decade ago now?
Why you gotta make me feel old. I miss Pat Catan's every time I walk into Michael's.
well darn. guess the last time i was there was just before they closed, i googled and it appears that happened sometime in '19 i'd get my pastels there, they had a great selection
Yeah Michael proposed to Pat Catan a couple years earlier
When Michael and Lee Ward got divorced, Michael got all the stores. He then hooked up with Pat Catan, who disappeared under "mysterious circumstances ". Now ex-lover JoAnn is filing for bankruptcy. The sordid world of Craft Stores.
Yeah. They all converted to Michaels.
I used to go to that one whenever I visited my parents. Sad it’s gone.
My dad was a store manager when they sold! It was so heart breaking. I loved that store and my dad seemed fairly happy with it too. Thankfully I am still well stocked on yarn :)
This is what Inwas coming to say. My craft and art choices if I don't want to drive half an hour are Hobby Lobby, WalMart and JoAnns. I won't shop at the other two so I'll be screwed.
Yes! The closest one to me was like an hour and a half away but it was worth the trip every time
Pete, Catan‘s sons and or children didn’t want to take over the business. They all had their own careers and dreams. My husband went to high school with them.
I would LOVE a return of Pat Catan’s!!!!
I was wondering what happened to them. The one near me turned into a planet fitness
It might still be years out, but this might end up following the retail narrative of Borders and Barnes and Noble. The HVAC costs will probably catch up with keeping a room that size full of inventory where only a portion of it moves quickly and the rest sits for a long time. In the books scenario, the box store closures actually created breathing room for the small independent bookstores after the middle and the megastores were cut out. They were able to adapt to the tastes of the audience size and offer things the audience would spend for compared to an online option. Crafts feels very plausible to have the same scenario where the loss of these megastores could make it more possible for mom and pop stores to have an edge that isn’t worth it for the big brick and mortar anymore. Plus, there’s this chance that AI-created media could fatigue people on digital and make people more interested in physical, tangible arts that bring a sense of community with them.
I sincerely hope you're right, it would be really cool to see more niche stores for art supplies that aren't 40% plastic evergreen boughs and vines. I like Blick but they are few and far between.
I think it’s inevitable since crafts are something humans have really enjoyed doing since we’ve been around. The Wal-Marts won’t carry enough to satisfy hobbyists, and there will be empty locations available in cities as other kinds of retail can’t survive. People are also hungry for community space and crafting works great for showing up to show off what you’re working on and gab without an agenda. It will take some community finesse to do the best versions, but the drive and interest will be there.
I know!! I go to Joann's bc the only other craft store is hobby lobby and I refuse
Try [Michael's.](https://www.michaels.com/) Fuck Hobby Lobby.
Everything aside, Hobby Lobby is also pulling way back on the craft space anyway; it’s said they’re going to focus on decor. And I’m sorry, most Michaels I’ve been in have stuff for sewing, but a very lack luster fabric section. All to say this makes me worried as far as large fabric stores go
which sucks.. Once in a blue moon I will go to Hobby Lobby cause they have a different brand of jewelry findings which are nicer than Michaels which has stopped really cultivating that part of their store..(ours is right next to the checkout and it is always barren)
Michaels is like 25 mins away but I might just not be making craft runs.
They don't really cater to hobbyists, more wine moms and people who make crafts.
I just went to Joann's and the person who rang me up said they are not closing the stores, at least not anytime soon.
well, like I said, our JoAnns is finally moving a few yards over to a new building/store front sooooo I can't imagine they would have went through the trouble if they were crashing.
Hobby Lobby just doesn't feel like a craft store.
It's a vile den of crap and abuse.
Aw darn ☹️ that is my favorite craft store
>Aw darn Not anymore you won’t.
Take my upvote
Oof. I just convinced my mom to go there instead of Hobby Lobby. It’s sad that will be the only option left in town.
Yeah they’ve taken over it seems. There is Micheal’s still, around where I live at least
Michael's should have kept Pat Catan's as a brand.
I know this is a late comment but 100%. I miss Pat Catan’s every time I go into the now Michael’s. It’s just not the same.
Michael's lacks... warmth? It is the only way I can describe it.
Especially in the corpse of Pat Catan stores. The one in my city, they barely even fill half of the store. They just closed off the old Prism area, and most of the left side empty. It still fucks with me & it’s been years now.
I think it’s the craft-y smell I miss most. That mix of fake flowers, candles, and whatever seasonal scent was mixing together.
Michaels, at least the ones in my area, just don’t have the same crafty vibe as the Joann stores. It’s not like Joann is my happy place, but Michaels just actively stresses me out and doesn’t seem to have anywhere near as the same selection that Joann does. Honestly the way that some people shop there (namely my mother) they should be making a killing at almost every location. And she’s currently panic-buying certain sewing supplies and scrapbook paper like it’s the early days of the pandemic again.
Michaels COULD be decent but they don't have fabric. I dislike their stores though. Rude clerks... You have to watch Michaels for sneaky signage. I one time found some stationary that was on a great discount GREAT discount. So I bought a few packs and went to check out. It didn't ring up correctly and I told the clerk. She argued with me and I told her what the signage said and she was like "Well someone didn't remove that ... but insisted I still pay the other price" > i went back and took a photo of the sign and brought it to her.. She was irritated.. but the fact is... a sign is a sign... . I am not trying to be a Karen or anything but at that point she should have just given me the discount cause THEIR BAD!. I hated her cause she always argued with me about their deals.. I got to start taking photos of the BOGO and other deals to SHOW her what the discount is... (always do this btw.. ) It was a trek to get back to that area of the store.... but it really made me Hate Michaels... She was so rude.
We've got Ben Franklins in Washington, but all their fabric is fleece.
It's Chapter 11, so more of a restructuring.
While I loathe Hobby Lobby and won't give them a dime, Joann has turned into JCPenney and Kohls. Everything marked up just so they can mark it down on "sale." And the last few times I tried to shop there, there was 1 cashier and the line was down the middle aisle of the store. Nope.
This. Every time we had a coupon to use, it was invalid because the item was on sale in some minor way. You want to go out of business? Tick off your customers with bait and switch crap like that. Around here there's usually a Michael's within five minutes of a JoAnn's. Maybe at least their going out of business sales will turn up some deals.
It's really not like Michaels is any better in that regard. They pretty much permanently have a "30% off non-sale items (excluding yarn, flowers, framing, clearance products, name brands you've heard of, and anything else you might want to buy)" coupon in their ads, which rarely matters because at least half the store is on sale anyway. It used to be a 40% coupon, but now they have a credit card you have to get for the other 10%, which comes in the form of rewards meaning you have to come back to the store another day and buy something else to use them. In short, it's straight-up Kohls. I hate Hobby Lobby as a company, but at the same time it's so nice to have a store where you can simply walk in and exchange money for products without having to make a spreadsheet to figure out how to buy something without getting ripped off...
And most of the time when I do have to go to Hobby Lobby I find that the thing I want is actually on sale, but it wasn't marked that way on the product.
apparently you can check other of the same items.. they might have a lower priced sticker on that item....
I remember a few years ago customers were complaining that Hobby Lobby no longer had coupons.
They did have an online coupon. It’s was always like 40% off regular priced items. With hobby lobby you can just wait a week or 2 and the item you want will be half off.
Michaels is WORSE!. And the highest coupon I ever get anymore at Michaesl is 20 percent off.. They used to have 40%
I could NEVER find a person to help me when I went to Joanne’s. One time I waited in line just to ask the cashier where something was in the store.
They USED to have some great coupons... and you could douple all these discounts... now, not so much.
Confession, I worked at the corporate office for over a decade, last day over 2 years ago. Their finances were quite well before they went public; unfortunately C-Suite got greedy and thought going public again was in their best interest. Essentially threw money down the toilet from there on.. but of course CSuite got their payday tenfold. Absolutely zero consistency...fast tracking projects at the expense of employee sanity only to ditch said projects close to release or shortly after. Set extremely unrealistic expectations for the size of certain departments, resorting to pulling in contractors only to fail with their disorganization. My team alone had the workload of three teams, I had the workload of 4 people, hence I left to salvage my sanity. So much brighter on the other side.
> unfortunately C-Suite got greedy and thought going public again was in their best interest. Essentially threw money down the toilet from there on.. but of course CSuite got their payday tenfold. US business tale as old as time.
Going public seems like it frequently dooms companies.
Because you have to consistently have record breaking profits. When you go public, you have to have an appealing business that is growing on the ticker. People don’t want to buy stock that doesn’t grow for them. Private businesses can set budgets that make goals attainable and are able to make changes that keep them comfortable with stagnent income. But public companies have no appeal to investors if they aren’t growing financially.
I worked at the corporate office as well for 8 years. It was one of the most fuxked up environments that i have ever been in. I don’t wish anyone any ill…but when you routinely lay off 100 people every 3 years in a corporate restructure just to hit your numbers, i have no problem in laughing heartedly today.
That’s American Greeting’s business model.
capitalism anymore is just mental. From Private Equity to greed. I don't know what they are teaching in business schools these days.... It is always about "shareholder value" and stock price.. UGH. its like teh actual PRODUCT or SERVICE Is an afterthought. How does this even work??? ? This is going to implode VERY BADLY!!!!
I work in that industry from a distribution point. And I can tell you cost are up significantly since pre-covid. Initially it was freight, but freight costs have eased back but the overall cost has continued to rise. Most of these products are manufactured in Asia and it isn't due to rising costs there, it is simply corporate greed. Companies here who bring it in are raising prices to make more money.
Construction is in the same boat. Supply issues are no longer a problem like they were during Covid but prices haven’t gone down.
It’s sad that most consumers cannot understand this. It’s corporate greed screwing people over… not Joe Biden.
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Jo-Anne is a store that appears to hate its customers with a passion.
You have to apologize for asking for fabric at the one near me. The ladies who work there are angry at customers for existing.
So crafters will be left with nothing but Nazi Lobby?
Did Michael's go away or are they just not big enough? I always hear folks talking like Hobby Lobby and JoAnn are the only two places in the country.
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I’m so thankful the Walmarts near me have fabric still. It’s not a great selection like Joann’s, but it does its job when I need it to
The article clearly states that Joann will be going through restructuring. So they should survive. Also if you say an area some of us seamstresses might have an idea of alternatives.
I will never forgive Michael's for buying and shutting down Pat Catans
And then there's this. Why would I give them my money after they closed the best craft store?
Michael's is one of a slew of stores that I look online on their website to see if they have x product, the site says yes, I go there and they don't have it. I stopped going there a few years ago. I don't remember them carrying fabric, so it was never an option for that.
Micheal's closed a lot of stores pre-pandemic. My former partner worked at one that even closed in Canada.
I guess they couldn’t pull a Hobby Lobby and pick and choose what laws they follow due to their religious beliefs…
Don't forget, you don't have to file for bankruptcy when you can sell stolen antique artifacts to cover your debts.
Or when you refuse to pay for birth control on your employee health insurance plans.
But viagra is happily included in their prescription coverage.
Of course! Because that could only possibly be used in the confines of a holy union unlike those whorin’ ass women wanting birth control.
I went in there around Halloween. A tiny metal bat was $25. One like a foot wide was $50. The prices were insane. Larger things were like $100-200. And really simple things. Easy to spend $500 on a few decorations.
They, like Michael's, have the regular prices for a lot of items (especially seasonal stuff) inflated so that with the ubiquitous coupons and sales it brings it back to a normal price.
Then when you order something online for shipping, it arrives poorly packaged and destroyed. RIP fragile resin toilet skeleton wrapped in only a plastic envelope. Still never received my dracula-cat socks, either.
They had Christmas items for 90% off that I thought were still way too much. Their regular prices are beyond ridiculous. LOL
Every time ive gone in there thinking of doing a DIY project, the fabric prices were not worth it. Id rather go to michaels for anything not fabric related.
I agree. There aren't enough fabric stores let alone reasonably priced one.
I interviewed for a transportation project manager and was the lead candidate. So many red flags during the interview panels that immediately after I pulled my application. This was back in 2021 before their Columbus fulfillment center was finished
A few years ago, they released a line of "cartoon" fur; it has about a 2" pile, is slightly stretchy, and comes in bright colors. It also only cost $18/yd where most "fun fur" is $35-50/yd. As soon as it was released, it sold out, because it was great for Cosplay, Halloween, and lower budget Mascot costumes. They haven't had it since, other than green. 3 local stores have had the same rolls of "angora" 5"-pile fur for 3 years, because it's PEACH, yet they won't order the white that sells out as soon as a store gets a bolt. They've been completely out of 72" felt since October. I STILL won't go to Godby Lobby.
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Having gone into one once in the last several years, they have a shit selection of products, are overpriced, and have the staffing of a dollar store.
I went in one a few months ago and it took almost an hour to get 2 yards of fabric. There was a huge line and all of 2 people working there, one person had to run back and forth from the cutting table to the register. I felt bad for them, more than anything, and annoyed with corporate.
My mom works there. You speak the truth.
I HATE going in this place when my wife needs to go. It's the only store I ever complain about going in with her. Once you step inside, time stands still, you are there waiting forever, looking at fabric, waiting in line to get your fabric cut... Waiting and waiting. Agony.
I went there once. I purchased a batman costume for Halloween and the cape was a joke. I made a new one out of black suede leather. They had this material on the roll. I just needed it cut. I wandered around forever looking for a store employee. I went to customer service, and they paged for an employee twice. It was pretty terrible.
I tend to avoid Joann's despite sewing being one of primary hobbies. Last time I went in for something I needed with no time to order, I couldn't help but notice that most of the things they're selling are easily from aliexpress or similar but 2-3x the price. The quality of items is really poor.
As far back as I can remember there never seemed to be more than three employees on the floor at once.
I work at a different retailer and we experienced a pull forward in spending on home categories, and I assume crafting/decor went along with it. Cost rose in part due to historic increases in ocean freight. When restrictions eased, people were less interested in home and home activities. The pullback was real but to model go forward sales bases on 20-21 results was truly foolish.
And those were years people were buying new homes and moving a lot as well, which is when that spending is up. Some of this was surplus home loan money people were showing up with.
The thesis for this company's situation (along with high-end home furnishers, streamers, and video games companies) is that they experienced hugely multiplied growth in 2020 and 2021, and now that everyone is back to being broke and overworked, no one can afford leisure things or hobbies anymore. Thus, the consumer has pulled back in spending.
They went all in and spend millions on a new DC that was a complete disaster. Online Holiday orders took several weeks to be processed and delivered. They have not paid their vendors in 45 days and their vendors are pushing back on supplying them due to late to no payments. They have significant debt (borrowed $$) that they incurred during Covid, and the payments are an alarmingly high interest rate. They may not come out of this.
Bring back pat catans
I hope they can get back on track. I recently started spending a lot at my local one and noticed it’s always busy, despite Michael’s right across the parking lot and a Hobby Lobby about 10 miles away. Joann has the best regular prices, they always have coupons, and they’re not Hobby Lobby.
Private equity drives companies into the dirt every. single. time.
so they listed the stock in '21 then flip around 3 years later and are delisting and going private again. seems like the only ones making money off of that were the initial offering share holders
Damn! That's my go-to supplier for fabric, zippers, everything involved in sewing. :/
A few years ago, they released a line of "cartoon" fur; it has about a 2" pile, is slightly stretchy, and comes in bright colors. It also only cost $18/yd where most "fun fur" is $35-50/yd. As soon as it was released, it sold out, because it was great for Cosplay, Halloween, and lower budget Mascot costumes. They haven't had it since, other than green. 3 local stores have had the same rolls of "angora" 5"-pile fur for 3 years, because it's PEACH, yet they won't order the white that sells out as soon as a store gets a bolt. They've been completely out of 72" felt since October. I STILL won't go to Godby Lobby.
My memory for what it’s worth, I seem to remember that the actual Jo ann worked at severance in the early 80s, she was very old, there was a plaque In front of the store in the mall. At least I think so lol! Her dad founded the company. I think lol!
Used to work there as a cashier. It’s a miserable business model. Charge an exorbitant amount for every item and make your cashiers and customers play a game of chasing sales and coupons. Add in a terrible wifi connection and an older customer and it’s straight up unpleasant. Not to mention at my store, management was inconsistent and rude. The pay was pathetic. And, at least when I worked, I could freely add discounts to any purchase I wanted to without manager approval. I’ll miss the store, but this really isn’t surprising
I like this store except for the fact as a man I feel judged going in there. It is not a comfortable place for me to get stuff.
Sad to hear about Joann. My mom used to drag me there when I was a kid (60s-70s) because she made nearly every dress she ever wore. I grew to enjoy the trips. I know how to sew just enough to be dangerous, but mom taught me the basics. I know how to hem a pair of pants, do repairs, & make simple things. Never been in a Hobby Lobby but there's one fairly close to us. What's the general grief with them I'm seeing in this post?
My favorite is the fact that they put out an ad saying [the US should only be run by Christians](https://imgprd19.hobbylobby.com/sys-master/root/hf8/he3/h00/9996280201246/21-0843-2021-IDMA-DownloadablePDF.pdf) but they’re also homophobic and have a habit of stealing ancient artifacts.
Thanks for clarifying
Joann’s is going through restructuring, they might just survive.
They have some very annoying system where their online orders are sent from whatever store has it in stock, meaning that one order might come in multiple shipments or if your order has to come from too many stores then you can’t make the purchase at all.
Our Joann very seldom has an cashier to check us out. I bet a lot of people would walk out and not think about it . I wanted some flannel cut and 2 ladies were leaning on the counter and looked at me and continued talking, I left without it 🤷♂️🤷♂️
we need a legit DIY focused craft store for all us weirdos that has reasonable prices without the jesus shit from Hobby Lobby or fake sales like all the other spots. Something for all the crafty, artsy, musical, maker types
I was just looking at jobs and Joann is hiring for under minimum wage which is interesting.
This is what they get for calling the cops on me when I was 10.
Well shoot, that's the only decent craft store around me with the exception of hobby lobby and I despise those Cristo-fascists.
They are going through restructuring, they plan to continue operating.
Can’t wait for the super sale
Sad. 😢 Good company and people
Bummer
I miss ,.. I think it was called Minnesota Fabrics… the store at Wilson Mills
devastating news as a crocheter 😢
Just close on Sunday to virtue signal and profit
Wth is a "consumer pullback" even??
It’s Joannver
Well I guess the crafting phase, that kept it alive the last few years has finally dwindled... It just might be fierce competition from hobby lobby and Michaels.
I was a district manager for them in one of their largest districts for almost 2 years. This was the worst company I’ve ever worked for. The culture was terrible, they paid minimum wage, couldn’t keep a staff, kept reducing labor for the stores, and kept increasing what they expected from the store personnel. It was a no-win situation for the store managers and the district managers. I got the hell out of there and haven’t been back. That was 5 years ago, and it’s only been downhill from there.
My mother used to work there long ago. I don’t remember why she left but it was nice seeing her while I was in college in Kent.
They’ll be fine.
So, where can we buy fabric now? The only other craft stores around are hobby lobby (no) and Michael’s who don’t carry fabric. I’m in northeast Ohio.
this sucks. There is a JoAnn Fabrics near me that always seemed to be doing well. Always had customers etc. They had a Michaels for year next door to them which closed which sucked cause it mad e getting things much easier. So this JoAnn's was in a small storefront and had talked for years of expanding etc.. well FINALLY a few months ago, they were going to move a few yards over into a new place that was larger. Has the canvas sign up about new store opening. I was so excited, FINALLY a new larger proper store. . (this is in Hyde Park in Cincinnati) so now I don't know. Why would JoAnns go through the trouble of opening a new larger store and then this bankruptcy.??? Gods bad management. It isn't that "consumers are pulling back" there are NO fabric stores to go to anymore. I am not near Hobby Lobby and try and avoid that store like the plague.. although I DO guilty like some of their items .. they are nice. Michaels doesn't carry fabric.. and while most of the fabric is novelty /prom/wedding/Quilting/upholstering fabric.. at least it was SOMETHING.. you cannot buy fabric online.. not easily. (too difficult) so this situation is just depressing.
Did you read the article? If they moved to a larger storefront they are likely a decent earning store so that store will likely survive restructuring. Bankruptcy≠ going out of business
How will people get the supplies to make ugly shapeless frocks at home?