Phantom 2,465 Posted March 18 Craft retailer JOANN files for bankruptcy. Share this post Link to post Share on other sites
Ulitzer95 10,934 Posted March 18 37 minutes ago, Phantom said: Craft retailer JOANN files for bankruptcy. Euro blocked site. Share this post Link to post Share on other sites
En Passant 2,930 Posted March 18 29 minutes ago, Ulitzer95 said: Euro blocked site. (WJET/WFXP) — Crafts retailer JOANN filed for Chapter 11 bankruptcy early Monday morning. The company, with over 800 stores nationwide, is best known for selling craft supplies, home decor and sewing supplies. The filing allows JOANN to continue to operate while it repays its debts, meaning no stores or online shopping is expected to be affected by the filing, according to a press release. Additionally, any obligations to employees, vendors, landlords and other trade creditors will be paid or otherwise satisfied in full. According to court documents, JOANN cited increasing interest rates and decreasing sales after a spike in sales during the COVID-19 lockdown in 2021 and 2022. Despite attempts in June 2023 to reduce costs, the company held over $1.06 billion in funded debt at the time of filing. Go in peace– Oil City church ending religious services due to poor condition The company is expected to receive around $132 million in new capital and reduce its debt by over $500 million. JOANN expects to complete the Chapter 11 process as early as late April 2024, citing strong support from its financial stakeholders. Following this process, the company will likely become a private company, and shares will no longer be listed on Nasdaq or other national stock exchanges, according to the press release. “Over the past several months, JOANN has made meaningful business improvements through the execution of our Focus, Simplify and Grow cost reduction initiative. We are excited by our progress on both top and bottom-line initiatives in the past year and are confident the steps we are taking will allow JOANN to drive long-term growth. We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change.” Chris DiTullio, Chief Customer Officer and co-lead of the Interim Office of the CEO For more information on how the company will be moving forward, you can visit https://www.joannforward.com/ No, I'm not Canadian, just used a vpn cause I was curious. 1 Share this post Link to post Share on other sites
Bentrovato 988 Posted March 19 Ted Baker runs out of dough. Ted Baker fashion chain set to appoint administrators - BBC News 1 Share this post Link to post Share on other sites
Sod's Law 208 Posted March 19 15 minutes ago, Bentrovato said: Ted Baker runs out of dough. Ted Baker fashion chain set to appoint administrators - BBC News You know, I saw that name in the corner of my eye for a split second on the BBC News website and dreaded for a second that Tom Baker had died. 1 Share this post Link to post Share on other sites
CaptainChorizo 1,893 Posted April 5 99 Cent Store The Us discount chain with 371 stores largely across the West Coast will close all it's stores soon and will began liquidating their inventory. 1 1 Share this post Link to post Share on other sites
Bentrovato 988 Posted April 5 Muji europe going into admin but future seems hopeful. Shame. I like their stores. Muji to go into administration in another blow to UK high street (msn.com) Share this post Link to post Share on other sites
Bibliogryphon 8,613 Posted April 8 On 19/03/2024 at 15:38, Bentrovato said: Ted Baker runs out of dough. Ted Baker fashion chain set to appoint administrators - BBC News Ted Baker moves nearer the precipice with the closure of 15 stores Share this post Link to post Share on other sites
Whitehouse 820 Posted April 8 Bus building giant Van Hool has gone belly up. 2 Share this post Link to post Share on other sites
Bibliogryphon 8,613 Posted April 10 Wildwood restaurant brand is closing 20 branches in an effort to save the entire chain Share this post Link to post Share on other sites
Evil Grimace 307 Posted Tuesday at 09:19 On 12/03/2024 at 00:33, Father Brown said: Superdry wants a small loan of £10 million from Hilco https://news.sky.com/story/struggling-superdry-in-talks-to-tap-hilco-for-new-10m-loan-13092579 Still planning the £10 million raise/loan but also delisting to survive. Superdry to quit stock market in bid for survival Share this post Link to post Share on other sites
