Joann Fabric Boca Raton (2024)

FAQs

Why is Joann Fabrics closing stores? ›

Aside from its rising debt, Joann has struggled to turn a profit and has lost some of its customer base to rivals, Saunders said. "Weakening store standards and declining customer service levels, partly because of staffing cuts, have made stores less desirable," he said.

It operates the retail chains JOANN Fabrics and Crafts and Jo-Ann Etc. 1943 in Cleveland, Ohio, U.S. As of March 2020, Joann has 865 stores in 49 states. Joann is currently privately owned by Leonard Green & Partners.

Joann Fabrics vs Michaels Prices

Both stores now have a commanding presence across the country. By most accounts, prices at Michaels are higher than those at Joanns. According to a Business Insider deep dive, Michaels prices across various departments are often more expensive than Joanns.

Joann filed for bankruptcy on Monday, March 18. The company, through a transaction support agreement, will receive $132 million in "new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million," according to the release.

JOANN's competitors and similar companies include Michaels Stores, Hobby Lobby, Wescover and Dormify. Jo-Ann Stores (also known as JOANN Fabric & Craft) is a company that distributes sewing, arts, and crafts devices. Michaels Stores is a company that retails arts and crafts materials.

Columbus, Ohio-based Big Lots disclosed in its quarterly report released in June that it expected to shutter 35 to 40 stores in 2024, while opening just three.

The company's competitors, Michael's and Hobby Lobby, are both privately owned, so it is unclear how they have performed amid those economic headwinds. The private equity firm Leonard Green & Partners bought Joann for roughly $1.6 billion in 2011, and spun it off publicly in 2021.

They are owned separately and are competitors. Michaels was founded in 1973 by Michael Dupay and is headquartered in Irving, Texas.

JOANN stock has received a consensus rating of buy. The average rating score is and is based on 11 buy ratings, 8 hold ratings, and 1 sell ratings.

Michael's store is much cheaper than Hobby Lobby. Michael's always has sales and coupons in Sunday's paper. Hoppy Lobby is a good store too but most of there stuff in the store is over prized and you never see them having any sales and there's never a flyer in Sunday's paper with coupons to save money.

Who owns Hobby Lobby? ›

Hobby Lobby is a chain of retail stores that primarily sell materials for arts and crafts. The company is owned by David Green, who still operates as the company's chief executive officer. Hobby Lobby is privately owned, with Green as the sole proprietor.

Michaels Stores, Inc., more commonly known as Michaels, is a privately held chain of American and Canadian arts and crafts stores. It is North America's largest provider of arts, crafts, framing, floral and wall décor, and merchandise for makers and do-it-yourself home decorators.

Despite Joann's debt, the business is in a promising place, according to the bankruptcy filing. 96% of stores have positive cash flow. Additionally, online sales accounted for 13% of revenue in fiscal 2024, the filing said. Stores and online sales will continue to operate with no changes, Joann said.

Hudson, OH

JOANN / Headquarters

Joann Fabrics and Crafts has filed for Chapter 11 bankruptcy protection as it seeks to reorganize its finances. In a release accompanying its filing, Joann said its stores and website would remain open and continue operating as usual.

Amazon acquired the company in 2008 with the goal of expanding its craft and hobby material segment. In a note published on its website, Fabric.com indicated that it would no longer sell products on its platform as of October 20, 2022.