JoAnn Fabrics files for Chapter 11 bankruptcy for the second time in a year
01-16-2025, 05:16 PM
#21
Senior Member
Join Date: Aug 2010
Location: PA
Posts: 693
The JA store in Williamsport, PA was forced out by the landlord. He wants to put in a grocery store. JA bought out Clothworld many many years ago & has been in Williamsport ever since. It's our only fabric store. The next closest is a Amish store in Middleburg, PA (58 miles one way). Sadly they mostly carry quilting cottons. So if you sew clothing you're basically left with on line shipping, which I hate. I like to see & feel the fabric. I have a nice stock of jean fabric & knit fabrics, so for now I'm good.
01-16-2025, 06:33 PM
#22
Super Member
Join Date: Dec 2010
Location: Portage, Michigan
Posts: 9,462
[QUOTE=dunster;8674118]Read the article that MKC provided. It explains what is currently happening.
It is interesting that the two articles do not provide the same information about the closing of stores. In the end, I guess we will just have to wait and see. This is a good example of "you don't know who to believe."
It is interesting that the two articles do not provide the same information about the closing of stores. In the end, I guess we will just have to wait and see. This is a good example of "you don't know who to believe."
01-16-2025, 06:46 PM
#23
Super Member
Thread Starter
Join Date: Jan 2013
Posts: 1,152
[QUOTE=WMUTeach;8674182]
The article I posted, dated January 15, 2025, states:
"The company must first win court approval for the sale process. Joann already has an offer from liquidator Gordon Brothers Retail Partners, which would serve as the initial bid, setting a floor for how much the company is worth. Should higher offers come in by Feb. 12, the company would hold an auction, according to court papers.Under the proposal from Gordon Brothers, if no higher bids come in to rescue the chain, Joann would sell to the liquidator, which specializes in shutting down retailers and conducting going-out-of-business sales.
Joann’s stores will remain open meanwhile, the company said in a statement."
That is not conflicting information. Bankruptcy court must first approve the sale of the company. Gordon Brothers is a stalking horse bid that will be allowed to purchase the company of no other entity makes a higher higher offer (if they do, then JoAnn will be sold via a bankruptcy auction). Gordon Brothers is a liquidator who shuts down businesses and sells off the assets.
Should bankruptcy court not approve the sale of the company, then JoAnn will likely shut down much more quickly. The stores mentioned as shutting down are from an earlier article (January 5) unrelated to (and now superceded by) this bankruptcy filing.
Read the article that MKC provided. It explains what is currently happening.
It is interesting that the two articles do not provide the same information about the closing of stores. In the end, I guess we will just have to wait and see. This is a good example of "you don't know who to believe."
It is interesting that the two articles do not provide the same information about the closing of stores. In the end, I guess we will just have to wait and see. This is a good example of "you don't know who to believe."
"The company must first win court approval for the sale process. Joann already has an offer from liquidator Gordon Brothers Retail Partners, which would serve as the initial bid, setting a floor for how much the company is worth. Should higher offers come in by Feb. 12, the company would hold an auction, according to court papers.Under the proposal from Gordon Brothers, if no higher bids come in to rescue the chain, Joann would sell to the liquidator, which specializes in shutting down retailers and conducting going-out-of-business sales.
Joann’s stores will remain open meanwhile, the company said in a statement."
That is not conflicting information. Bankruptcy court must first approve the sale of the company. Gordon Brothers is a stalking horse bid that will be allowed to purchase the company of no other entity makes a higher higher offer (if they do, then JoAnn will be sold via a bankruptcy auction). Gordon Brothers is a liquidator who shuts down businesses and sells off the assets.
Should bankruptcy court not approve the sale of the company, then JoAnn will likely shut down much more quickly. The stores mentioned as shutting down are from an earlier article (January 5) unrelated to (and now superceded by) this bankruptcy filing.
Last edited by mkc; 01-16-2025 at 06:58 PM.
01-16-2025, 07:57 PM
#24
Power Poster
Join Date: Mar 2009
Location: Lake Elsinore, CA
Posts: 15,559
[QUOTE=WMUTeach;8674182]
I would say the first article was correct, but it only addressed current store closures. The later article had more information about what is expected to happen. Neither was "wrong" and they weren't contradictory.
Read the article that MKC provided. It explains what is currently happening.
It is interesting that the two articles do not provide the same information about the closing of stores. In the end, I guess we will just have to wait and see. This is a good example of "you don't know who to believe."
It is interesting that the two articles do not provide the same information about the closing of stores. In the end, I guess we will just have to wait and see. This is a good example of "you don't know who to believe."
01-17-2025, 04:59 AM
#25
Super Member
Join Date: Oct 2019
Location: Corpus Christi, Texas
Posts: 2,814
I have to agree with their coupon system. I usually just toss mailer in trash. Only discounted if regular priced, and most good stuff is slightly marked down so that you can not use the discount!
01-17-2025, 06:31 AM
#26
Super Member
Join Date: Sep 2011
Location: Carroll, Iowa
Posts: 3,980
The last time I went to town and entered a JoAnne's store, I wasn't impressed, neither was my sister who had never been in a JoAnne's store. So having them close up won't effect me much at all. Sorry to see it happen but online shopping I think has closed a many of stores these days.
01-17-2025, 08:49 AM
#27
Super Member
Join Date: Oct 2008
Location: The Finger Lakes of upstate NY
Posts: 3,819
I've never been a big fan, honestly, but did use my "good" coupons for batting. Until, that is, they discontinued Warm and Natural and replaced with their own brand. Anyone remember that? Less than 10 years ago. It didn't work out well for them and they brought back the W&N.
What I found out when they discontinued it is that I could buy it online any time, without a coupon, for about the same price and have it delivered to my door. I started looking at other items. They inflate prices to offer a % off, or coupons for items that aren't on sale, to make it look like you're getting a great deal, when in reality, you usually aren't. I don't like that game. Price your merchandise fairly and leave it at that.
I think they've lost the ability to follow trends, but instead try to have everything. A few years ago, tied fleece blankets were all the rage. They brought in boatloads of fleece every fall, and rightfully so. Now, that fleece doesn't seem to be quite as popular, but they still have at least 4 aisles of it, shelves full on both sides, plus a gigantic bin in the back.
Crochet is currently making a comeback and they have tons of yarn. Aisles, endcaps and boxes. A few aisles of baking and cake decorating merchandise. An aisle of artificial flowers. Two of beads and baubles. The list goes on and on, but reality is that you cannot carry that much merchandise, trying to please everyone, and remain solvent. Especially when online shopping for quality goods is so easy.
There is little fabric for clothing, unless you want costume or prom dress types of fabric. None of it, including their quilting cottons, are the greatest quality. I have 4 LQS in a 40 minute range, plus 2 Mennonite stores that also carry a lot of LQS fabrics in under a half an hour, so am quite lucky in that way.
The absolutely best thing about the one in Canandaigua is definitely their staff. They are always super friendly and helpful as far as they can be, BUT if you need specific help, you're better off going to LQS or LNS.
What I found out when they discontinued it is that I could buy it online any time, without a coupon, for about the same price and have it delivered to my door. I started looking at other items. They inflate prices to offer a % off, or coupons for items that aren't on sale, to make it look like you're getting a great deal, when in reality, you usually aren't. I don't like that game. Price your merchandise fairly and leave it at that.
I think they've lost the ability to follow trends, but instead try to have everything. A few years ago, tied fleece blankets were all the rage. They brought in boatloads of fleece every fall, and rightfully so. Now, that fleece doesn't seem to be quite as popular, but they still have at least 4 aisles of it, shelves full on both sides, plus a gigantic bin in the back.
Crochet is currently making a comeback and they have tons of yarn. Aisles, endcaps and boxes. A few aisles of baking and cake decorating merchandise. An aisle of artificial flowers. Two of beads and baubles. The list goes on and on, but reality is that you cannot carry that much merchandise, trying to please everyone, and remain solvent. Especially when online shopping for quality goods is so easy.
There is little fabric for clothing, unless you want costume or prom dress types of fabric. None of it, including their quilting cottons, are the greatest quality. I have 4 LQS in a 40 minute range, plus 2 Mennonite stores that also carry a lot of LQS fabrics in under a half an hour, so am quite lucky in that way.
The absolutely best thing about the one in Canandaigua is definitely their staff. They are always super friendly and helpful as far as they can be, BUT if you need specific help, you're better off going to LQS or LNS.
01-17-2025, 09:28 AM
#29
Super Member
Join Date: Dec 2015
Location: Ontario, Canada
Posts: 4,472
I hope they don't close because at $28.00/m plus 13% tax, I can't afford to quilt in Canada.
Even with the exchange, fabric would have to cost over $18.00/yard to cost the same in the US as it does here and I find it a lot cheaper than that at Joann's, although you have to be careful of the quality.
Watson
Even with the exchange, fabric would have to cost over $18.00/yard to cost the same in the US as it does here and I find it a lot cheaper than that at Joann's, although you have to be careful of the quality.
Watson
01-17-2025, 10:08 AM
#30
Power Poster
Join Date: Oct 2010
Location: Mississippi
Posts: 27,271
Throughout this thread several people have made disparaging comments about Hobby Lobby, without elaborating on why they wouldn't shop there. Why? Our HL is nice and clean and well stocked. It's a pleasure to shop there all except for one thing... their checkouts are very slow. Cashiers are still hand entering prices, while most all other stores have gone to scanning at the registers. If they would update their checkout process it would relieve this log jam at the registers. But otherwise, it's a nice place to shop.
