Joann Fabrics and Crafts, an 82-year-old retailer, has filed for bankruptcy for the second time in a year, citing sluggish sales and inventory issues. The company is seeking a buyer and Gordon Brothers retail partners, known for acquiring Big Lots, has already made an initial bid. The news follows a trend of struggling brick-and-mortar stores facing challenges in the post-pandemic retail environment.
- Joann Fabrics and Crafts has filed for bankruptcy for a second time within a year and announced that it’s seeking a sale.the 82-year-old retailer announced in a statement Wednesday that “sluggish sales and inventory issues” forced the company to file for Chapter 11 again.The company re-opened a month later as a private business, keeping its stores open, CNN reported.
Joann Fabrics is the latest to join a growing list of struggling brick-and-mortar stores that are unable to stay afloat in the current economic environment.Gordon Brothers retail partners, which recently bought much of Big Lots, has already emerged as a potential buyer and made an undisclosed initial bid.
CNN points out in a report that the post-pandemic shopping boom has ended, and many businesses are heading on a “path to bankruptcy as normalcy returns to the retail industry.”Here’s who is getting a stimulus check from the IRSBiden administration cancels loans for 260,000 former Ashford University studentsBrowns’ Bubba Ventrone named Senior Bowl head coach
BANKRUPTCY RETAIL ECONOMY JOANN FABRICS GORDON BROTHERS
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