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Daily Mail
27-05-2025
- Business
- Daily Mail
Joann's to shutter its last locations in days
Published: | Updated: Joann's reign as America's favorite craft retailer is coming to an end. The 82-year-old chain will close all of its remaining stores nationwide by Friday, marking the final chapter in a long, slow decline. Reddit users have chronicled the final days: 'The Joann's in Janesville and Madison, Wisconsin still have patterns at 80 percent off,' one shopper wrote . 'Tons of yarn, all marked down.' Joann's demise has come fast. It filed for Chapter 11 bankruptcy in January in the hope of restructuring and keeping the business afloat. Initially, bosses planned to close 500 shops. But just a month later bosses said Joann would close all its 800 stores . After shutting 255 in April, the rest will go by the end of the month. Until 2018, it was known as Jo-Ann Stores but rebranded as 'Joann' to move beyond fabrics to embrace a wider range of crafts. Fans of Joann were furious to learn the chain canceled gift cards on February 28 . Joann is the latest retailer to face challenges after experiencing a pandemic-era sales boom. With Americans now returning to work, the surge in home crafting has significantly declined. Home organization specialist The Container Store suffered the same fate, and filed for bankruptcy last month. Joann's closures come after a widespread 'retail apocalypse' last year saw major companies file for bankruptcy and brick-and-mortar stores close in their droves . Up until mid-December, US retailers shut 7,300 stores - up nearly 60 percent from 2023. Customers are also required to make purchases in-store only, and all sales are final. Now that Joann has bitten the dust, other craft retailers have been luring in its loyal customers. One of its biggest competitors Michaels went so far as to write 'Welcome Joann customers' on its internet home page.
Daily Mail
27-05-2025
- Business
- Daily Mail
Decades-old chain to shutter its last locations in days as fans rush for final clearance items
Joann's reign as America's favorite craft retailer is coming to an end. The 82-year-old chain will close all of its remaining stores nationwide by Friday, marking the final chapter in a long, slow decline. Joann stores across 47 states have been holding steep clearance sales since February — offering fabric, crafts, jewelry, and trim at up to 90 percent off as part of a massive liquidation effort. Reddit users have chronicled the final days: 'The Joann's in Janesville and Madison, Wisconsin still have patterns at 80 percent off,' one shopper wrote. 'Tons of yarn, all marked down.' Joann's demise has come fast. It filed for Chapter 11 bankruptcy in January in the hope of restructuring and keeping the business afloat. Initially, bosses planned to close 500 shops. But just a month later bosses said Joann would close all its 800 stores. After shutting 255 in April, the rest will go by the end of the month. Until 2018, it was known as Jo-Ann Stores but rebranded as 'Joann' to move beyond fabrics to embrace a wider range of crafts. Fans of Joann were furious to learn the chain canceled gift cards on February 28. Joann is the latest retailer to face challenges after experiencing a pandemic-era sales boom. With Americans now returning to work, the surge in home crafting has significantly declined. Home organization specialist The Container Store suffered the same fate, and filed for bankruptcy last month. Joann's closures come after a widespread 'retail apocalypse' last year saw major companies file for bankruptcy and brick-and-mortar stores close in their droves. Up until mid-December, US retailers shut 7,300 stores - up nearly 60 percent from 2023. Customers are also required to make purchases in-store only, and all sales are final. Now that Joann has bitten the dust, other craft retailers have been luring in its loyal customers. One of its biggest competitors Michaels went so far as to write 'Welcome Joann customers' on its internet home page. Burling Coat Factory is also planning to add 45 stores across the US in structures that were once home to Joann stores. has reached out to Joann for comment about the store closures. 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Daily Mail
07-05-2025
- Business
- Daily Mail
Nationwide 82-year-old chain to shutter final stores in weeks… but not before a huge closing down sale
Joann is closing for good after 82 years — and everything must go. The once-popular craft retailer confirmed it will shutter all remaining stores in the coming weeks. It will wrap up its nationwide going-out-of-business sales that offer shoppers up to 90 percent off. Joann's demise has come fast. It filed for Chapter 11 bankruptcy in January in the hope of restructuring and keeping the business afloat. But just a month later bosses said would Joann would close all its 800 stores. After shutting 255 in April, the rest will go this month. Until 2018, it was known as Jo-Ann Stores but rebranded as 'Joann' to move beyond fabrics to embrace a wider range of crafts. Fans of Joann were furious to learn the chain canceled gift cards on February 28. Joann is the latest retailer to face challenges after experiencing a pandemic-era sales boom. With Americans now returning to work, the surge in home crafting has significantly declined. Joann's closures come after a widespread 'retail apocalypse' last year saw major companies file for bankruptcy and brick-and-mortar stores close in their droves. Up until mid-December, US retailers have shut 7,300 stores - up nearly 60 percent from 2023. The most recent big retail bankruptcy was Container Store, which filed for Chapter 11 protection on December 22. There has been no news yet on its The store - known for its home organizational goods, including closet organizers and storage bins - has been around for 46 years. Despite receiving a boost from Marie Kondo's hit Netflix show 'Tidying Up' during the Covid-19 pandemic, the chain has been weighed down by mounting losses in recent years. Joann specialized in fabrics and arts and crafts supplies, and its major competitors included Michaels and Hobby Lobby. It first filed for Chapter 11 bankruptcy in March last year after pandemic-era sales growth faded, leaving the retailer with $1.2 billion in debt. It emerged from bankruptcy the next month - with 815 stores across 49 states - after creditors agreed to cancel $505 million in debt in exchange for ownership of the company. Unfortunately, it was not enough for the chain to make a financial comeback. The retailer had $615.7 million in debt before its second filing and later sold all its assets to the GA Group and various lenders. Now that Joann has bitten the dust, so will the jobs of nearly 20,000 employees. Burlington is using Joann's unfortunate demise as an opportunity for store expansion. The department store retailer confirmed it would begin transitioning 45 Joann locations into Burlington stores in May and June. Some locations will be in California, Texas, and Joann's home state of Ohio. Despite Joann's failure, Michaels is continuing its reign of being the North America's largest provider of arts and crafts and currently operates over 1,200 stores. Hobby Lobby is thriving after opening several stores this year, one being in Arizona last week. As of now, Michaels and Hobby Lobby have never filed for Chapter 11 bankruptcy protection.
Yahoo
03-05-2025
- Business
- Yahoo
Most students at Paul Quinn College graduate with little to no debt. Here's why
The Brief Paul Quinn College in Dallas has been recognized nationally as the first urban work college, integrating students as interns with local businesses that pay them. That, coupled with grants, helps most students graduate with little to no debt. Some students also cross the stage with multiple job offers or continuing education opportunities waiting for them. DALLAS - Several graduates at Paul Quinn College in Oak Cliff will cross the stage debt-free. The college has gotten national acclaim for its innovative education model that helps students graduate with very little to no debt. What we know Paul Quinn College may be a small school, but it's providing students with big opportunities. It's recognized nationally as the first urban work college, which integrates students as interns with local businesses that pay them. That salary, coupled with grants, means some graduates have zero debt. Others have far less debt than many coming out of college. Local perspective Chondra Espino is an El Paso native who transferred to the private Paul Quinn College after her freshman year at a public university. Playing soccer for the Tigers, she said it was the opportunity to gain work experience through the school's corporate work program that made a difference in her life. "My internships were the Container Store. I worked at the headquarters of the Container Store and then I worked at the 3to1 Foundation. It's an affiliate to Cain Watters and Associates. Then got a full-time offer with Cain Watters, and I'll be starting with them full time graduation day," she said. Espino is the first in her family to go to college. "It's a lot of emotions to feel. And my parents did not graduate high school as it is. So me graduating high school and now graduating college, it's just like I'm changing our generation," she said. She'll move on to TWU for a master's in accounting while working full time. Local perspective Ericka Drinker is this year's valedictorian. She's a Dallas native who calls her four years at Paul Quinn College transformative. "I've truly changed as a person. I walk into a room and know I belong there. I've been in the room with like the president of the United States, and I did not second-guess myself. I know that I worked hard and earned my spot there. And I would not have ever felt that way without the Quinn," she said. Drinker got to meet President Joe Biden at the White House's National HBCU Week Conference. "I got to shake his hand and it was just amazing to meet the leader of the world," she said. Drinker was accepted to Columbia University for a master's in the technology program. She decided to put that on hold for now and is negotiating two job offers at JP Morgan Chase and a venture capital fund option. The Source FOX 4's Shaun Rabb talked to Chondra Espino, Ericka Drinker, and Paul Quinn College representatives to gather information for this story.
Yahoo
23-04-2025
- Business
- Yahoo
The Container Store lays off 2% of workforce, pauses capital projects
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. The Container Store this week cut 2% of its workforce, affecting fewer than 70 people, mostly in corporate positions. Roles include tech positions and some store operations, an effort to streamline the reporting structure, a company spokesperson said by phone. Last month Satish Malhotra resigned as CEO, and has been replaced by an office of the chief executive officer run by board chair Joel Bines and Chief Commercial Officer Martin Schumacher. The retailer is also pausing capital projects as it works on a rebound from bankruptcy, the company said Monday. The Container Store filed under Chapter 11 at the end of December and exited about a month later with nearly $88 million less in debt. As it reported falling sales for several quarters in the last couple of years, when it was still a public company, the Container Store often noted soft consumer demand. Tariffs are expected to undermine demand for discretionary items further, and it's not clear how affected the retailer is on the supply side. In general, 'companies that generate sales and profits from a more discretionary offering which can be delayed in this environment' are among the 'have-nots' when it comes to tariffs, according to a Monday research note from Telsey Advisory Group analysts led by Dana Telsey. Those include home-related retailers as well as department stores and luxury brands, Telsey said. Still, The Container Store is soldiering on, as it did during its relatively brief bankruptcy process. Stores and its website remained open and vendors and other creditors were paid in full. Operations remain in focus, and that priority is reflected in the company's new leadership. Bines and Schumacher specialized in distressed retail transformations at AlixPartners. Bines also led the retail practice there for nearly 20 years, after a decade in operational roles. Correction: This story has been updated to clarify that the majority of The Container Store's layoffs affected its corporate workforce. Sign in to access your portfolio
