Joann bankruptcy takes down another company with 1,400 jobs at risk
The bankruptcy of its major customer Joann then crippled the vulnerable business, the company said in filings made to the U.S. Bankruptcy Court in Houston. DGA said it had been worn down by a tough economic climate for years, as American consumers cut back spending on discretionary items such as ribbons and wrapping paper in response to the rising cost of essentials.
The crafts supplier has around $106 million in unsecured debts, court documents show. The company said it plans to sell its assets, including its wrapping paper and sewing-related businesses, as a going concern but wind down its ribbon manufacturing.
In January, Joann filed its second bankruptcy in less than a year and shut all of its stores. Orders from Joann made up around $27.4 million — or 5 percent — of DGA's revenue last year. The bankruptcy puts DGA's more than 1,400 employees across North America, India, Hong Kong, China, the UK, and Australia at risk of losing their jobs.
DGA said the uncertainty of President Trump's whipsawing tariff policies made it difficult to predict import costs. This hit its profit margins, as the business relied on importing materials from a range of international markets.
DGA's parent company, IG Design Group, which is based in the UK, sold its stake to financial services firm Hilco Global in May as part of restructuring efforts. Hilco has in turn agreed to finance the bankruptcy process with $53 million.
Joann, which operated around 800 stores in almost every state, refused to close stores and consolidate after its first bankruptcy filing last March. The blunder plunged them further into the red, ending in more than $600 million of debt by January.
'You must reject leases from unprofitable locations and downsize. They didn't, and now they are going to liquidate,' John Bringardner, Head of Debtwire, told DailyMail.com at the time. Joann is among a host of retailers to face headwinds after experiencing a pandemic-era sales boom. Stuck-at-home Americans bought craft supplies to indulge new or old hobbies in their increased free time. However, in the years that followed, the surge in home crafting declined and Joann bled revenue. Home organization specialist The Container Store suffered the same fate, filing for bankruptcy in December.
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