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 last 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 86 cents a share (9/18/23), 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?
SOURCES:
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://www.modernretail.co/operations/as-losses-continue-joann-promotes-a-back-to-basics-mindset/
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.reddit.com/r/joannfabrics/
Taking a deep dive into what’s behind the downfall of JOANN Fabrics
We’ll be looking at the corporate retailer’s leadership team, ex-CEO Wade Miquelon who has an interesting past, timeline of events, and reading your comments.
JOANN Inc. stock was trading at just 86 cents (9/18/23) after initially opening at $12 per share in March of 2021.
SOURCES:
https://investors.joann.com/
https://www.reuters.com/article/us-joann-leonardgreen/leonard-green-to-buy-jo-ann-stores-for-1-6-billion-idUSTRE6BM4HM20101223
https://www.forbes.com/sites/laurendebter/2021/03/12/joann-arts-and-crafts-retailer-ipo/?sh=6acbe1923d39
https://www.retaildive.com/news/joann-files-for-100m-ipo/595181/
https://www.marketwatch.com/story/joann-is-going-public-5-things-to-know-about-the-arts-and-crafts-retailer-ahead-of-its-ipo-11615395200
https://www.streetinsider.com/Corporate+News/JOANN+Inc+%28JOAN%29+Announces+Termination+of+Tom+Dryer%2C+VP+and+Controller/22169105.html
https://www.thestreet.com/retailers/beloved-big-box-retailer-faces-potential-bankruptcy
https://investors.joann.com/news-releases/news-release-details/joann-announces-retirement-president-and-ceo-wade-miquelon
https://investors.joann.com/static-files/ad89fdab-5672-4b30-9d3f-5ce8d2131d3e
https://www.sec.gov/Archives/edgar/data/1834585/000119312521043567/d14122ds1.htm#rom14122_18
https://www.salary.com/tools/executive-compensation-calculator/wade-miquelon-salary-bonus-stock-options-for-joann-inc?year=2023
https://www.retaildive.com/news/retailers-risk-bankruptcy-consumers-tighten-wallets-2022/632828/
https://en.wikipedia.org/wiki/Wade_Miquelon
https://investors.joann.com/management/wade-miquelon
https://www.retaildive.com/news/joann-ceo-wade-miquelon-retires/649872/
https://www.beaconjournal.com/story/business/2023/05/10/joann-president-ceo-wade-miquelon-retires-fabric-craft-store-hudson-headquarters/70202903007/
https://www.cbsnews.com/chicago/news/another-dui-arrest-for-walgreen-cfo/
https://www.chicagobusiness.com/article/20110422/NEWS07/110429943/walgreen-cfo-not-guilty-of-dui
https://www.nbcbayarea.com/news/local/former-walgreens-executive-testifies-in-elizabeth-holmes-fraud-trial/2681216/
https://www.wsj.com/livecoverage/elizabeth-holmes-trial-theranos/card/evshQk4OWb7DETqHVajB
https://www.gawker.com/culture/the-walgreens-guys-are-the-best-part-of-the-dropout
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It definitely looks like they are going out of business. After seeing your report of who’s on the board and making the decisions it is understandable. They are killing this store. Buying crap that some one who sews doesn’t want. The sad part about it is that there are truly no stores dedicated to sewing. And I mean just sewing. They have a niche and they are missing the mark. They need to visit some of the fabric stores in Europe and restructure there store to mirror them. Stop try to met the masses.