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Not a single mention in almost all of the bankruptcy articles, including this one, that it is majority-owned by Leonard Green & Partners, a private equity firm. A story as old as time: get bought out by private equity, collapse under the weight of your new debt burden.
“Joann previously went private in 2011 — when it was purchased by Leonard Green & Partners for about $1.6 billion. A decade later Joann, still majority owned by the equity firm, returned to the public market with an initial public offering at $12 a share.” Source: https://apnews.com/article/joann-bankruptcy-chapter-11-filing-75093d4032907c59a45e472dd4e23229
Kinda sad. There’s almost no fabric/craft places anymore and even less now. My mom grew up making her own clothes with stuff from Joann. It’s just sad to see them go. Late stage capitalism indeed.
Ex’s best friend worked there. The labor agreement was fucking awful. For example, when Obamacare came out, they slashed everyone, managers and all, to less than “full time” to dodge requirements. All while paying rock-bottom min wage, which almost no one else was paying around here.
I’m with you though. Hate to see craft options die off, and fuck me I won’t set foot in Hobby Lobby.
Recently got into crochet so I use the a lot. They’ll be missed. Being able to see yarn in person is so valuable when deciding on what to buy.
Can’t they just use an 80% off coupon on their debts?
waits for the Company Man video
