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.
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More like “another bankruptcy driven by outdated business model”.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?
Just in time for the Greatest Depression when people will probably have to start mending/making their own clothes again.
Oh now it makes sense…that’s the great they want to make America again…the great depression.
You gave me this amazing mental image. I’m tempted to make one more about the Great Chicago Fire or the Great Flood of 1862 lol
I love it. This should be a post of its own.
- 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’m not one for sewing at all but my wife is crafty and Joann’s was always a fun trip. What a shame, gonna miss that place a lot.
With this, over time at least, competition can return in the shape and form of smaller stores
Maybe something for your wife to start? I heard the market just opened up
Craft stores are uniquely unsuited to this because they have to have thousands of suppliers. Just due to the variety of stuff available at a hobby and craft shop, you need to deal in so many thousands of SKUs but any customer needs 5-10 of them at absolute best. The only craft stores that are still independent are those that are supported by the sales of large equipment and then can also supply the owners (sewing machines, looms, etc)
This is mostly going to suck for costumers, home sewists who do anything other than quilt and machine embroidery, teachers and educators who use it for craft supplies, and probably anyone making home- health aids as a small business since they were a major support of open-cell foam in small quantities.
Cosplay in the US is going to take a hit
Probably everything will just go online. I imagine that is a big part of what killed Joann in the first place.
Grrr. That leaves Hobby Lobby for brick and mortar. 🤬
Reminder God wants you to shoplift at hobby lobby.
This is the way
Michael’s still exists. But they don’t do nearly as much fabric stuff like Joann’s does.
Ya unfortunately Joann’s really was the big chain for that. We bought my niece a starter sewing machine for Xmas at one last year. Michael’s has some stuff, maybe they can fill the gap. Hobby Lobby can burn.
Who knows, maybe Michael’s will see the market opportunity and expand into fabrics.
Maybe not for a long while though, building that kind of inventory and supply chain takes a hell of a long time across 1200 individual stores, and the sheer square footage required to have the wide selection of fabrics needed in retail might not work for Michaels. My sample size is small but the Michaels I’ve been in are significantly smaller than the Jo-Ann’s.
They don’t need to mirror inventory across all stores. They could rebrand some of the redundant stores to set them apart from their general craft stores
Big name chains often do similar things, splitting off more niche or focused locations
I confess to not being in many Michael’s… I had wondered if they could buy up what Joann will likely liquidate but of course I imagine they are operating on a similarly strained budget. A smaller footprint would make it totally unrealistic unless they swapped stores.
It’s not a wonderful alternative and way less choice, but Walmarts still have a fabric section.
That’s interesting to hear. I remember that from when I worked for them approximately… a long time ago, and sometimes cut fabric, but their stores were different then. I imagine they will be the option for many folks anyways, but even more so now.
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.)
walmart’s been trying to kill-off that department for years. stores that still have it have much less than they used to.
“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.
The buyer should have used the 20% off coupon
Jo-Ann is Harbor Freight for Grandma
JoAnn had decent prices? Outside of fabric and yarn the prices seemed wack even on discount…
No idea, just said it because of the coupon reference.
I’m going to hang that quote on my wall
I’ll always remember Joann as the only retailer who sent me marketing emails with no unsubscribe button.
I used to do tech support with them as a client. Worst IT team to work with, they were always impatient jerks. I never did figure out if the company hired shitty people in the first place or just treated them like dirt with no outlet for their stress except outside vendors.
Isn’t that illegal? lol
Yes. Per the CAN-SPAM act they could be fined $10k per email.
I’m so upset about this. I don’t live in a town that has a Joanns … I go everytime in in the area… Shit sucks.
I enjoy sewing… But I need to feel the fabric first. :(
Gonna miss them.
aw, i did like Jo-ann’s. So much nice fabric.
And a ton of other craft supplies!
This leaves us with homophobic Hobby Lobby for large craft supply stores.
Joann’s saved me from ever having to go to Hobby Lobby and will be missed.Also Micheals!
Please do not help the Green family further destroy Oklahoma, our democracy, and Biblical history (fun fact - their Museum of the Bible is stocked with artifacts plundered during the Iraq War. Someone else got them with some fake Dead Sea Scrolls - one of them of course with the anti-gay “clobber passage”)
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.
how many bobbins of thread and square feet of fabric does it take to pay the wages of 2400 people?
anecdotally I have made multiple trips to buy supplies from joanns but I’d be surprised if the net profit made off of my purchases surpassed $5 combined.
