Latest news with #crafts
Yahoo
a day ago
- Business
- Yahoo
As Joann stores finally close today, the internet grieves the beloved fabric, arts and crafts haven
Joann, the beloved fabrics, arts, and crafts retailer, is finally shutting its doors for good after a long, slow goodbye. Walgreens buyout could change the future of pharmacy care Sellers or buyers housing market? Zillow's analysis for 250 metros Spicy AI-generated TACO memes are taking over social media because 'Trump always chickens out' While many of its 800 stores have already been shuttered since the company filed for bankruptcy (yet again) in January, the last 444 Joann stores (yes, you read that right) will finally shut their doors on Friday, May 30, according to Joann's website. 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. 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. On Reddit, nostalgic customers and workers posted multiple threads saying 'goodbye' to individual stores. Some featured 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. (More on the private equity aspect below.) 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.' By the 1990s, Joann (once known as Jo-Ann Fabrics) 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 for 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 has increasingly been at the helm of large-scale business restructurings and closings, and been accused of stripping companies for parts instead of bringing them back to profitability. However, many experts have said it's not that simple, and Joann's failure is based on a mix of factors that go into the current economics of U.S. retail conditions. A look at the numbers shows Joann last reported revenue of $539.80 million for its third quarter of fiscal year 2024 ending October 28, 2023, which was a decrease of 4.09%. That brought revenue in the last 12 months up to that date to $2.16 billion, down 4.20% year over year. In the fiscal year ending January 28, 2023, Joann had an annual revenue of $2.22 billion. Its last reported market cap was $3.20 million. This post originally appeared at to get the Fast Company newsletter:
ABC News
2 days ago
- General
- ABC News
Lessons in local crafts and customs on the banks of the Murray River
First Nations families from across Australia come to the banks of the Murray River in Robinvale to learn the crafts and customs established and passed down by their ancestors.
Fast Company
3 days ago
- 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.
Daily Mail
3 days ago
- Entertainment
- Daily Mail
My £60,000 wedding was going to be just perfect. The only problem? I didn't love my fiancé: SHIVANI SHARMA FOSTER
Walking into the kitchen, I froze. It looked like a craft shop had exploded, my sister, mum and her friends surrounded by piles of personalised keyrings and sweets. These were the wedding favours that my 500 guests would be enjoying in just four weeks' time. The luxury hotel had been booked, menus chosen, dresses made and jewellery bought. My parents had spent more than £60,000 – and I was about to announce that it was all for nothing.
Emirates 24/7
4 days ago
- Business
- Emirates 24/7
The United Arab Emirates' booth attracted special attention from guests at the Moscow Interior & Design Week
Moscow hosted the sixth Moscow Interior & Design Week, one of the industry's largest events, from May 22nd to 25th. The exhibition was dedicated to exploring the theme of nature in interior design and brought together over 1,100 companies, including businesses from 15 countries. This season, China and the UAE participated with their national stands, where leading manufacturers from the countries presented their unique interior design products. The United Arab Emirates' booth attracted special attention from visitors with its unique exhibition, which featured handmade crafts by Arab women artisans, as well as lamps and vases made of clay and Murano glass, powder-coated steel chairs, vegetable-tanned leather fruit baskets, and other goods. The concept of the booth was dedicated to a modern reinterpretation of the region's rich craft heritage through contemporary design solutions. You can view these products and other works presented at the exhibition on the project's website. The UAE booth was prepared with the support of one of the country's most renowned organizations, the Irthi Contemporary Crafts Council. The Council is headed by Her Excellency Reem Bin Karam, who is among the world's leading experts in cultural entrepreneurship and women's leadership. "Our participation in Moscow Interior & Design Week is an important step in expanding the global reach of Irthi's crafts and creating new collaborative projects. We strive to present a unique design approach to our diverse audience that combines Emirati traditions with modern aesthetics. By exploring opportunities to unite Eastern and Russian cultures, we see immense potential. For example, Emirati Talli is inspired by the sea and landscapes of the UAE, and it resonates with the natural elements present in Russian crafts. Our future projects are likely to be based on these common sources of inspiration, incorporating elements of both cultures in our designs. This exhibition marks the beginning of a journey towards intercultural exchange in design, where we can combine the rich traditions of the UAE and Russia, creating unique, progressive products that reflect our shared love of natural materials and craftsmanship," said Her Excellency Reem Bin Karam. Under the leadership of Her Excellency Reem bin Karam, the Irthi Contemporary Crafts Council has achieved significant success in transforming traditional UAE crafts into modern, profitable businesses. Thanks to her innovative approach, which combines age-old traditions, contemporary design, and a social mission, the work of women entrepreneurs has gained recognition at prestigious international events such as Design Miami, the London Design Festival, and Milan Design Week. "At the Irthi Contemporary Crafts Council, our mission is rooted in the belief that traditional crafts, especially those passed down through generations, hold immense cultural and social value. In today's technologically advanced world, there is a growing need to preserve and adapt these traditional crafts to ensure they remain relevant. The Council focuses on empowering women artisans, particularly in marginalized communities across the Middle East, North Africa, South and Central Asia. By providing them with vocational training, skill development, and access to new markets, we are building a women-driven artisan economy. We firmly believe in the transformative power of craft, as it not only preserves cultural heritage but also uplifts communities economically and socially," emphasized Her Excellency Reem Bin Karam. It is worth noting that Reem Bin Karam was one of the headliners of the Moscow Interior & Design Week and a key speaker at the session "Reinvestment in Heritage." The session was dedicated to creating in-demand products at the intersection of traditions and modern trends. The Moscow Interior & Design Week also hosted a special international session attended by 50 export-oriented Russian enterprises, as well as over 10 foreign importing companies from Saudi Arabia, Egypt, and Morocco. The event facilitated the establishment of trade relations with international partners, the conclusion of profitable export contracts, and the implementation of joint large-scale projects. Moscow companies are interested in entering the international arena and expanding the range of products already supplied. Among the companies ready to establish foreign economic activity are manufacturers of innovative heated towel rails, designer tables and chairs, and other interior items. The exhibition takes place twice a year and has already become a platform for introducing Muscovites and visitors to the capital to a large number of domestic companies from all over the country. In addition, the independent selection of participants by the exhibition's expert council allows for the selection of the most interesting products and provides access to a wide audience and market even for the youngest and smallest brands. In addition to domestic brands, visitors could explore the products and solutions of 45 foreign companies and designers from 15 countries. Follow Emirates 24|7 on Google News.
