Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending and pandemic-era hobbies. The Hudson, Ohio-based company…
FILE – People walk into and out of a Joann store, Sept. 6, 2007, in Garfield Heights, Ohio. The fabric and crafts retailer has filed for Chapter 11 bankruptcy protection, as consumers continue to cut back on discretionary spending. In a Monday, March 18, 2024 release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month.
Vendors, landlords and other trade creditors should also not see any pay disruptions, the company said, pointing to a deal it had struck with most of its shareholders for financial support. Joann’s bankruptcy filing arrives amid both a slowdown in discretionary spending overall and during a time consumers are taking a step back from at-home crafts, at least relative to a boom seen at the start of the COVID-19 pandemic.
Rivals like Hobby Lobby, for example, offer lower prices while “casual crafters” can now go to stores like Target for ample art supplies and kits, he said — adding that Joann has also let its “specialist type service” slide some with previous staffing cuts. Joann previously went private in 2011 — when it was purchased by Leonard Green & Partners for about $1.6 billion. A decade later Joann, still majority owned by the equity firm, returned to the public market with an initial public offering at $12 a share.
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