Latest news with #May30
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:
The Standard
2 days ago
- Business
- The Standard
HK cements role as mediation capital with IOMed launch
Representatives from over 30 countries, including China and countries from Asia, Africa, Latin America and Europe, jointly signed the Convention on the Establishment of the International Organization for Mediation in Hong Kong on May 30.
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
EXCLUSIVE Bickering couple who clashed over group romps have PRICELESS reaction after they embark on shocking fivesome during latest Open House: The Great Sex Experiment
Open House: The Great Sex Experiment latest episode will see a couple completely U- turn on monogamy after they embark on a shocking fivesome. Last week Johnny, 43, and Sarah, 37, clashed about 'swapping partners' just moments before they both began smooching another woman in the jacuzzi But now the pair have definitely settled into the experiment, which sees pairs opening up their relationship, as they get up close and personal with three other residents during the latest episode (May 30). As viewers will remember, Johnny had to take a breather and confessed he was feeling 'anxious' after getting to know eight other people. In an exclusive sneak peek obtained by MailOnline, Sarah confesses: 'If we don't do it now, I don't think we are ever going to. 'He's naturally going to be a bit nervous but we need to crack on and get it done.' From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new Showbiz newsletter to stay in the loop. Johnny tells Sarah: 'It's a massive thing for me.' Sarah replies: 'Baby, don't worry I am so happy that you've put your mind to it.' Meanwhile in the teepee one of the residents says: 'I think the orgy thing might be too much for them. I feel like they might not get involved.' Speaking to the camera, Johnny says: 'There's definitely too many people in that room for me. It's a scary scenario for a man!' After doing the deed, the pair appear on cloud nine, with Johnny jumping back into bed with Sarah and he tells her: 'Wow that was crazy!' 'I don't know what to say,' Sarah to which Johnny replies: 'There is nothing I really can say to be honest.' 'Was that good for you?' she questions him 'It was good for me, was it good for you.' Johnny tells her: 'It was alright.' Later on while talking to the camera, Sarah shouts: 'We want more!' Johnny adds: 'This is just the first step. This is the first step. 'And what we needed to do because this is what we want to do. We want to enjoy each other. 'We want to share it. 'That's just an amazing experience!' Just before meeting another couple, Gem and Daz, the pair end up awkwardly butting heads. Sarah asked Johnny: 'Tell me what's going through your head.' Jonny told her: 'It's not catching my buttons if I'm honest, like.' Despite the frosty start, things seem to progress quite quickly later on as Sarah got close to resident Gem and they started kissing in front of Johnny. Gem asked Daz and Johnny: 'How was it for you guys?' After a bit of giggling, Gem asked Sarah: 'Would you like me to kiss Johhny?' and Johnny agrees with a big smile on his face. Sarah previously told viewers: 'We've been to sex party clubs and we've been adamant we're going to do something... As viewers will remember, Johnny had to take a breather and confessed he was feeling 'anxious' after getting to know eight other people 'And just not actually doing it. 'Then getting home and kicking ourselves.' Johnny added: 'The amount of times over the years we've tried to do this. 'We are here to push ourselves.' 'It's crunch time,' Sarah said. 'I think if we don't do it now, then I don't think that we are ever going to.'
CNET
5 days ago
- Business
- CNET
Last-Minute Memorial Day Deal: Save Up to $3,560 on Oupes Power Stations, Solar Generators and More
If you live in an area with frequent power outages or severe storms, or you're a fan of outdoor adventures, you know how important investing in a good power solution is. Power stations, solar generators, extra batteries and more can come in handy when you're in the middle of nowhere or are facing a blackout. These, however, are not exactly budget buys -- but that changes today. Oupes, one of our go-to brands for power gear, is currently running a flash sale that kicked off on Memorial Day and wraps up today. You can also save with the Go Camping promotion on the site that runs through May 30. Some of the top-rated models are currently seeing steep discounts of up to 50% off, and select solar kits even come with free gifts thrown in. Flash sale items can be grabbed at their lowest prices seen in 90 days. Just be sure to act fast -- you don't have long to take advantage of this sale. If you're in need of a portable power station, our experts highly recommend checking Mega 1 out. This one gets you 13 outputs, with two USB-C ports (100 watts), four AC ports (2,000 watts), four USB-A ports (18 watts), one car outlet (120 watts) and two DC 5521 ports. It can deliver an impressive 2,000 watts continuous output, while the 1,024Wh battery can be expanded to up to 5.12kWh with additional B2 batteries. Right now, you can grab it for just $459, after a massive $240 drop. Hey, did you know? CNET Deals texts are free, easy and save you money. Looking for something else? Here are some more deals worth checking out: There is more on sale, including select accessories. If you spot something you like, don't wait too long -- it could end up in disappointment! Why this deal matters Power solutions tend to be expensive, regardless of how small the unit is. This flash sale offers an excellent opportunity to save big on some of the most reliable options in the market. Just note that it ends soon, so you might want to hurry.
