Is JOANN Fabrics in Trouble?

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/

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