In the past month, America has lost the fabric store line called Joanns. Due to the decline of sales throughout the last few years Joanns has gone into chapter 11 bankruptcy twice within the last year.
Though only going into chapter 11 bankruptcy and were able to continue with business for a while, it was difficult to continue as sales continued to decline. This,along with debt, the owners of the stores were trying to sell the business in order to save them from disappearing altogether. Unable to sell the business and get out of bankruptcy, Joanns unfortunately had to close their stores.
In the month of April there were 255 stores closing around the U.S, but as of the end of May all 800+ stores nationwide will be permanently closed. In February, it was announced by the GA group and the company's term leaders that the shuttering was imminent, so they prepared for the end of the store line. The more than 80-year old store chain has been struggling for years due an uprising in online stores as well as DIY- products people have been using. The loss to its competitors has put the CEO of the company as well as the GA of the company in a very difficult position with not having enough sales to keep the store going.
Starting in April there has been a going-out-of-business sale happening at the remaining stores in order to sell the rest of or most of the rest of the products. The online portion of the company is still up but online purchases are no longer available to the public. The website is now only used for information about discounts as well as store locations.
With the closing of these stores, the fabric stores of America are actually struggling. With a sort of void in the market, companies are experiencing struggles in getting customers, and some may even be closing their doors as well. Leaving fewer in person alternatives, people are turning to smaller businesses that are more local.
America's Beloved Fabric Store Chain Joanns Bites the Dust
Isabel Case