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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