Is JOANN Fabrics in Trouble?

Streamed on:
933

Tough times for longtime fabric & craft supply retailer JOANN Fabrics? A number of media outlets are reporting Joann Inc. laid off a number of employees at the corporate headquarters in Hudson, Ohio earlier this week in "an attempt to restructure its business amid a declining stock price."
The layoffs come months after JOANN's CEO abruptly retired in May and while Joann stock is trading at just 90 cents a share, down from $4.62 in February. While the chain avoided using the word "bankruptcy" in its most recent quarterly SEC filing, a number of people claiming to be JOANN employees are discussing store downsizing in online forums such as Reddit.
Is JOANN Fabrics hurting in the post-pandemic era after experiencing an artificial boom during COVID lockdowns and the work-from-home phenomenon?
*Note: I did email JOANN's corporate communications contact earlier this week, but have not received a response.
https://www.thestreet.com/retailers/beloved-big-box-retailer-faces-potential-bankruptcy
https://www.cleveland.com/news/2023/09/hudson-based-joann-fabrics-confirms-layoffs-but-wont-say-how-many-employees-were-let-go.html
https://www.crainscleveland.com/retail/retailer-joann-inc-cuts-jobs-its-hq-hudson
https://finance.yahoo.com/news/joann-inc-joan-reports-q2-212503644.html
https://investors.joann.com/news-releases/news-release-details/joann-announces-second-quarter-fiscal-2024-results-and-updates
https://finance.yahoo.com/news/joann-joan-loss-widens-q2-153700991.html
https://www.modernretail.co/operations/as-losses-continue-joann-promotes-a-back-to-basics-mindset/
https://www.reddit.com/r/joannfabrics/
https://www.reddit.com/r/joannfabrics/comments/16ay0k0/current_employees_how_do_you_like_it_there/

Shop supplies in my Etsy store 🛍️ https://sewingreport.etsy.com

SewTites Magnetic Sewing Products 🧲 get 15% off your order with coupon code SEWINGREPORT
https://www.sewtites.com/?ref=c6e1uc9g

DISCLAIMER: This video and description contains affiliate links for several different programs. As an Amazon Associate I earn from qualifying purchases.

MY SEWING MACHINES:
Brother CS7000i Computerized 70 Stitch Sewing Machine
https://amzn.to/2Uufnoc
Brother PE800 Embroidery Machine
https://amzn.to/2WrssjE
Brother PE900 Embroidery Machine
https://amzn.to/3WKKZ5H
Brother 1034D Serger - http://amzn.to/1FNpsxo
Juki DDL 8700 Industrial Straight Stitch Machine w/Servo Motor
https://amzn.to/3rruyi4
Janome MemoryCraft 7700 Sewing Machine

Expressions Vinyl - cheap HTV, adhesive, craft vinyl
https://shareasale.com/r.cfm?b=471254&u=1104060&m=46676&urllink=&afftrack=0
Purchase scrapbooking supplies from the Scrapbook.com superstore!
https://shareasale.com/r.cfm?b=33184&u=1104060&m=7429&urllink=&afftrack=
Shop Sulky Thread & Embroidery products 🧵
https://shareasale.com/r.cfm?b=820197&u=1104060&m=63058&urllink=&afftrack=

Join Jen from the Sewing Report LIVE to sew, create, chat & have fun! 🧵
Coming at you from a sewing room in Florida ☀️🌴
I wear sweatpants 99% of the time and have too many sewing machines

📱 Talk to me: @sewingreport
TikTok: https://vm.tiktok.com/9dF7K1/
Facebook: https://www.facebook.com/sewingreport
Instagram: http://instagram.com/sewingreport
Pinterest: https://www.pinterest.com/SewingReport/

Free products ≠ guaranteed coverage, companies/brands don't get editorial input on content. I don't do paid product/service reviews.
https://wp.me/P7ePxp-F (Please read my business policies before reaching out)

All content provided on Sewing Report channel/social media platforms is for informational/entertainment purposes only. The owner of Sewing Report makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
The owner of Sewing Report will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.

Loading 5 comments...