Minnesota Crafters May Have to Look for A New Place for Supplies
If you pay attention to many of the Minnesota based Facebook groups, there is normally a question or two each month, if not more, someone asks about craft fair type events.
And if you’ve attended any of these events, you’ve seen firsthand the talent that Minnesota residents have in creating something from scratch.
My wife has been crafting the last 10 years or so fairly regularly and seeing the concept go from just an idea to a finished product is quite impressive. The amount of time creating these wares starts in the craft store finding the proper tools and supplies.
One store that Minnesota crafters are likely familiar with is facing some tough economic times. Joann Inc., or Joann Fabrics & Crafts, as some may know it as is flirting with Chapter 11 Bankruptcy.
A Bloomberg report says the company has begun talking with their creditors about easing their debt pressure. The company has been cutting jobs and costs not deemed necessary in the effort to right the ship that seems to be sinking.
Joann Inc. has 22 stores across Minnesota, and a total of 850 stores in 49 states.
So, what does this mean for customers of the store? For customers, nothing major should change. The company is going to try to reorganize their debts and get the company out of the negative to keep from having to close its doors.
Joann Inc. has been around for nearly 80 years and became a publicly traded company in 1969. They kept that status until 2011, when they went private again. In 2021, the company went public again.
The bankruptcy plan hasn’t been finalized yet, but it seems that’s the path Joann Inc. is looking to head down.
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