Joann Closing All Stores

[Perspect Scale Modelworks]

I came across this article this morning.

Joann has filed for Chapter 11 bankruptcy and is expected to close all stores.

This may be a good time to stock up on supplies.

https://ssnews.page.link/uD28Gdqb9N2RJLKJ6

[Mark]

If they have anything.  The stores in my area have been in disarray, more stuff sitting in boxes in the aisles than in a Dollar Tree store.  A while back, someone mentioned a clearance on Testors sprays.  The stores in my area never had them to start with.

Location was a problem in some cases.  The last Joann's I was in was in the same plaza as a Michael's store.

[johnyrotten]

Same situation in my area, the two stores my wife and I visited looked like the L.A. riots had taken place.

[OldNYJim]

Same here in all three of the stores local to me - even going back two years the stores were a real mess…boxes and stock on the floors, in the aisles, everything a mess

Not sure how a large chain like this even would ALLOW their stores to look so unpresentable and messy, but it LOOKED like no one cared and they were going out of business long before they actually were.  Surprised no one ever fell over a box or something and sued them

[thatz4u]

this place has been going down hill for years, glad to see them go...

[Sledsel]

I may need to go there for some "Angel Hair" for the package shelf of my '49 Merc.

[kensar]

If they are closing all the stores, why are they filing chapter 11 instead of chapter 13?

[peteski]

2 hours ago, kensar said:

If they are closing all the stores, why are they filing chapter 11 instead of chapter 13?

That is an excellent question for Joann Fabrics management and lawyers. I have no clue.

[Dave Van]

The only thing I saw was Atlantis kits.....Problem is everyday in the past you could get 40% off with coupon. NOW kits are 20% off, no coupon permitted. SO........

[oldcarfan]

We stopped at two Joann's locations recently to look for upholstery vinyl. They had some, but the whole vibe was thrift store stocked by meth infused squirrels. They had boxes of things that had been dumped on them from the warehouses and only two or three people still working. I know a couple of the people who work at one of them and they are totally depressed. As for kits, the stores in our area haven't stocked them in a couple years. And as for discounts, they had everything marked at 20% or 30% off. The cloth and upholstery was cheaper at Hobby Lobby with their 40% sale.

[KMcc]

The primary types of bankruptcy in the U.S. are Chapter 7 (liquidation), Chapter 11 (reorganization, primarily for businesses), Chapter 13 (repayment plan for individuals), Chapter 12 (for family farmers and fishermen), Chapter 9 (for municipalities), and Chapter 15 (for international cases).

[PappyD340]

It's funny round2 recently said they had worked out a deal with Joann's to put more product in their stores but I guess things change.

[Mark]

Probably for the best as far as Round 2 is concerned...you don't want to ship someone a bunch of stuff, only to be paid pennies on the dollar in a bankruptcy...