Latest news with #JoannFabrics
USA Today
5 days ago
- Business
- USA Today
Michaels acquires Joann brands: What customers can expect
Michaels acquires Joann brands: What customers can expect Craft retailer Michaels has acquired the intellectual property and private label brands of bankrupt competitor Joann – a move to attract customers who were devoted to the fabric and craft stores. Show Caption Hide Caption Joann Fabrics set to close all 800 stores It's been called the retail apocalypse, and it continues today with news that fabrics outlet Joann Fabrics will shutter all of its approximately 800 locations. Cheddar Michaels is hoping to sew up the business of fans who frequented the fabric and craft chain Joann, which has folded all of its stores after filing for bankruptcy. Michaels has acquired Joann's intellectual property and private label brands – including the Big Twist brands – the craft retailer announced Thursday, June 5. Michaels will expand its fabric, sewing, and yarn assortment by adding more than 600 products including Brother and Singer sewing machines, Oliso Smart Irons and needle crafting kits from DMC and Loops & Threads. "This acquisition allows us to better serve both new and existing customers, respond to rising demand across categories, and build on our momentum as the destination for creating and celebrating in North America," said Michaels CEO David Boone in a press release. Aldi: Grocery chain cuts its prices for the summer, up to 33% off 400+ items Michaels unfolds bigger move into fabrics: What customers can expect The Joann's acquisition meshes with Michaels' evolving consumer interests. Over the past year, more customers have been searching on for "fabric" and "sewing," according to the company's announcement. Recently, Michaels has increased the fabric assortment in more than 680 of its stores and plans to do so in 280 additional stores this year, the company said. This month, the retailer, which has more than 1,300 stores in 49 states and Canada, is also expanding its sewing supplies. Also growing: Michaels' yarn assortment – set to increase by 25% this year to meet shoppers' demands. Starting this month, Michaels will begin offering 60 new Loops & Threads yarns in stores and online. This summer, yarn collections from Bernat, Lion Brand and Red Heart will be available. Products from Joann brands such as Big Twist Value Plus, Big Twist Twinkle, Big Twist Posh and Big Twist Baby Bear will be available in-stores and online later this year, according to the company. Joann, which had operated about 800 stores, began closing them after filing for Chapter 11 bankruptcy in January 2025, its second bankruptcy filing in less than a year. Michaels, which began wooing Joann customers in early May, has also created a dedicated landing page for those shoppers to make it easier for them to find products and know the latest updates. "We're honored to have the opportunity to welcome Joann customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels," Boone said in a statement. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
Fast Company
30-05-2025
- Business
- Fast Company
As Joann fabrics stores finally close today, the internet grieves the beloved arts and crafts haven
Joann fabrics, the beloved fabrics, arts and crafts retailer, is finally shutting its doors for good after a long, slow goodbye. While many of its 800 of its stores have already been shuttered since the company filed for bankruptcy in January—yet, again— the last 444 Joann stores (yes, you read that right) will finally shut their doors on Friday, May 30, according to Joann's website. What happened? As Fast Company previously reported, the popular fabrics and crafts supplier announced earlier this year that it would close all its U.S. locations after it filed for bankruptcy in January 2025 marking the second time Joann declared bankruptcy in less than a year. It also laid off all 19,000 workers, including more than 15,000 part-time store associates. Like many brick-and-mortar retailers that have filed for bankruptcy including Party City and Forever 21, Joann faced declining sales and foot traffic since the COVID-19 pandemic, as more Americans shop online, and curb spending due to higher prices, the soaring cost of living, inflation, and President Donald Trump's on-again, off-again tariff wars. Customers take to social media to lament the store's demise From TikTok and Reddit, to Instagram and Facebook, customers have been taking to social media, posting tearfully and nostalgically about time they spent in the store; some even shared ' last haul' videos of what they bought in the store's final days, according to Fortune. On Reddit, nostalgic customers and workers posted multiple threads saying 'Goodbye' to individual stores, with photos of the shuttered front door, like this one, which read 'RIP Joann 1943-2025: Died due to private equity and corporate greed,' lamenting the end of 80 years in business. Meanwhile, on TikTok, one woman with tears in her eyes posted, 'Y'all I really can't believe but I just really had a moment, Joann is f—ing closing… It's so unfortunate.' Joann's final years By the 1990s, Joann became the largest fabric and crafts retail superstore in the U.S. and was taken private in 2011 by Leonard Green & Partners, a private equity firm, for around $1.6 billion; then a decade later, it went public again as the COVID-19 pandemic fueled an uptick in crafting, Fast Company previously reported. However, like many brick and mortar retailers, profits began to decline after the pandemic, leaving the company with $616 million in reported debt obligations when it filed for Chapter 11 bankruptcy in January. Some critics and customers blame Joann's demise on private equity which have increasingly been at the helm of large-scale business restructurings and closings and accused of stripping a company for parts, instead of bringing companies back to profitability. However, many experts have said it's not that simple, and the company's failure is based on the a mix of factors that go into the current economics of U.S. retail conditions. A look at the numbers shows Joann fabrics' last reported revenue of $539.80M for its third quarter of fiscal year 2024 ending October 28, 2023, a decrease of -4.09%; with brings revenue in the last twelve months of that date to $2.16B, down -4.20% year-over-year. In the fiscal year ending January 28, 2023, JOANN had annual revenue of $2.22B, down -8.30%. Its last reported market cap was 3.20 million.
Miami Herald
29-05-2025
- Business
- Miami Herald
See's Candies local rival unexpectedly closing after 50 years
We aren't exactly living in a gilded age for retail right now. It seems like everywhere you look, stores are holding liquidation sales as they prepare to close for good. Related: Iconic Warren Buffett candy store suddenly closing after 30 years It doesn't matter if you live near a small town or nearby a bustling metropolitan center. It probably feels like every time you pass by a shopping plaza, a store is closing. And to some degree, a lot of these closures make sense. When Joann Fabrics announced it would close all stores, for example, that decision more or less checked out. Not many people are crafting, quilting, or sewing these days. And those who are typically get their supplies online or from cheaper retailers that sell a lot of other, unrelated things. Niche retailers like Joann or Party City, therefore, are less in vogue in today's retail landscape. Image source: Getty Images It's not hard to understand why niche craft and party stores that have large footprints across the U.S. might close down. It's become increasingly more expensive to operate a brick and mortar store. The cost of electricity, fuel, and inventory are all on the rise. And fewer customers are coming in, since they get their supplies from cheaper options that often offer far more selection and rapid delivery. More closings: Popular Mexican chain closing all restaurants, no bankruptcyIconic mall chain shuttering more stores foreverMajor gym closing multiple locations after franchisee bankruptcyAfter Chapter 11 bankruptcy, beloved retailer closes all stores The same can be said for other specialty stores, like candy and chocolate shops. Sweet shops are popular in tourist-dense areas, where folks might stop in for a sweet treat during their vacation when diets are nearly always temporarily postponed. But it's harder to compete with multinational brands like Hershey and Mars, which are often able to undercut smaller competitors' prices and produce similarly reliable and quality products. They also happen to be available at nearly every grocery, convenience, and large format store, so they have far more points of sale. Such is the case for a popular local candy store, The Chocolate Tree, located in Beaufort, South Carolina. The Chocolate Tree is a famed local spot which was reportedly a favorite amongst A-list actors including Tom Hanks and Sallie Fields when they were filming "Forrest Gump," in the 1990s. Related: Famous retail chain closing more stores amidst chaotic new change Legend has it that The Chocolate Tree's box of chocolates was behind a part of inspiration for the film, which was mostly shot around Beaufort. Now, however, after 50 years in business, The Chocolate Tree is closing down. The store owners announced it would shutting down on Tuesday, May 27. They anticipate The Chocolate Tree will close on Friday, May 29. The Chocolate Tree sells over 60 different kinds of chocolates, including chili, raspberry, mint, and amaretto truffles, fudge, caramel turtles, and sugar free options. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Newsweek
26-05-2025
- Business
- Newsweek
Joann Fabrics Closing All Remaining Stores This Week
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Retailer Joann Fabrics will be shuttering all of its remaining stores this month. Why It Matters Joann Fabrics has been in operation for around 80 years, but announced in February that it is going out of business and shuttering all of its stores. It came after the Ohio-based retailer filed for Chapter 11 bankruptcy protection for the second time in January, citing sluggish consumer demand and inventory shortages. Joann had initially said it planned to close 500 stores—more than half of its nationwide footprint, but it later announced that financial services company GA Group would "acquire substantially all of Joann's assets" and begin winding down the company's operations and conduct going-out-of-business sales at all store locations. A shopper outside a Joann store on March 7, 2025, in Paramus, New Jersey. A shopper outside a Joann store on March 7, 2025, in Paramus, New Jersey. Michael Bocchieri//Getty Images List of Joann Stores Closing in May Hundreds of Joann locations have already closed. More than 400 remaining stores will close by the end of May, according to a list shared with Fast Company. Here is the full list of where Joann Fabrics stores are closing in May: Alabama Arkansas Arizona California Colorado Connecticut Delaware Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington Wisconsin Wyoming
Time of India
23-05-2025
- Business
- Time of India
How a 50-year-old nurse's laid-back Friday mornings turned into a six-figure-a-month business?
Oklahoma-based nurse Mike O'Dell transformed his hobby into a high-earning side hustle, raking in over $1.25 million in 2024 from his quilting kit business, Legit Kits. Despite working only one day a week on it, the venture thrives, offering him flexibility and fulfillment. With a full-time job for security, O'Dell continues growing his creative venture while navigating tariff threats. Mike O'Dell, a 50-year-old nurse anesthetist, earns $117,000 a month from his side hustle, Legit Kits, by working just one day a week. What began as a Star Wars quilt project for his kids became a million-dollar quilting business. Tired of too many ads? Remove Ads From Star Wars Quilts to Startup Success Running the Business While Staying Employed Tired of too many ads? Remove Ads Tariff Threats and Market Expansion Stitching a Path Forward Every Friday morning in Oklahoma City, Mike O'Dell sips coffee on his patio, drives his kids to school, and heads to his warehouse—not to clock into another job, but to enjoy the day he built for himself. That single day of work each week now earns him an eye-popping $117,000 a month. By contrast, the rest of O'Dell's week is spent in the high-pressure environment of a hospital operating room. As a nurse anesthetist, he works 10-hour shifts with little time for meals or breaks. But his side hustle, Legit Kits, offers a creative escape—and a profitable to a report from CNBC Make It , O'Dell launched Legit Kits in 2020 after sewing Star Wars-themed quilts for his sons using a method known as foundation paper piecing. Impressed by how approachable and artistic the process was, he realized there was a business opportunity in selling pre-designed quilting hired two graphic designers to create artwork and patterns, and brought on staff to handle production and shipping. The company now has seven full-time employees and four freelance designers. In 2024 alone, it brought in $1.25 million through online sales, with an additional $150,000 generated through in-store sales at Joann Fabrics before the chain closed all its outlets earlier this his booming business, O'Dell has no plans to leave his job at the hospital, which pays him $240,000 annually. That stability gives him freedom to reinvest in Legit Kits without worrying about personal describes his role at the company as creative director and CEO, overseeing product design and marketing during his weekly workday. For his efforts, he plans to pay himself a modest $50,000 salary this year, focusing instead on growing the business and managing Legit Kits grows, O'Dell faces new challenges—most notably, proposed tariff hikes under U.S. President Donald Trump's trade policies. The company's fabrics are sourced from Indonesia and Vietnam, where tariffs could rise to as much as 46%. For now, a temporary 10% rate is in effect until July 9.'The uncertainty is stressful,' O'Dell admits. He says the company is delaying hiring decisions until there's clarity on pricing. At the same time, he's introducing more affordable 'mini kits' at $99 each to attract casual crafters and protect his customer base from economic pressure.'I don't want to price people out of a hobby,' he says.O'Dell's quilting venture operates in a $5 billion industry, and while it still holds a small market share, he's optimistic about scaling. His advertising efforts now focus on hobbyists beyond the traditional quilting community, hoping to bring fresh interest to the art its success, O'Dell doesn't plan to make Legit Kits his full-time job unless the company reaches eight-figure annual revenues.'I'd have to get it up to $10 million a year … and I want my kids to go to college,' he says.O'Dell's story is a striking reminder that with creativity, planning, and purpose, even a side hustle can become a six-figure success—without quitting your day job.
