Joann Fabric

[Pete]

Joann is going into bankruptcy and closing 500 of its 800 stores.

There are locations at Rockwell & NW Expressway, Norman, and Shawnee.

Wouldn't be surprised if they all close, especially because Oklahoma is Hobby Lobby country.

[jedicurt]

Joann is going into bankruptcy and closing 500 of its 800 stores.

There are locations at Rockwell & NW Expressway, Norman, and Shawnee.

Wouldn't be surprised if they all close, especially because Oklahoma is Hobby Lobby country.

JoAnn's has been struggling since the re-opening after the pandemic. they (like Hobby Lobby) saw a massive increase in profits for a short time, and they didn't invest it back into the business, rather they did two rounds of stock buybacks, and increased C-Suite pay. they basically killed themselves

[Bunty]

Joann is going into bankruptcy and closing 500 of its 800 stores.

There are locations at Rockwell & NW Expressway, Norman, and Shawnee.

Wouldn't be surprised if they all close, especially because Oklahoma is Hobby Lobby country.

This is the list of 500 stores closing. It doesn't include any in Oklahoma City but does have Lawton, Stillwater and Shawnee.
https://cdn.prod.website-files.com/6...ure%20List.pdf

[DowntownMan]

This is the list of 500 stores closing. It doesn't include any in Oklahoma City but does have Lawton, Stillwater and Shawnee.
https://cdn.prod.website-files.com/6...ure%20List.pdf

Looks like they are now closing all stores
https://www.nbcnews.com/news/amp/rcna193536

The Norman location would make for a good spot for Trader Joes 😂

[bombermwc]

JoAnn's has been struggling since the re-opening after the pandemic. they (like Hobby Lobby) saw a massive increase in profits for a short time, and they didn't invest it back into the business, rather they did two rounds of stock buybacks, and increased C-Suite pay. they basically killed themselves

My guess is that they knew where this was gonna go, so they wanted to pad their own pockets as much as they could before it went under. Great people huh?

But honestly, the number of people that know how to sew and really do this kind of thing, is falling off like a cliff. As the older population can no longer participate in sewing, well the customer base dwindles. It's not being picked up by the younger generations at a pace to sustain these places. Hobby Lobby is about the only place to get these things these days. Hancocks went under and Joann didn't really have much competition, but they also didn't have much coverage.

[TheTravellers]

My guess is that they knew where this was gonna go, so they wanted to pad their own pockets as much as they could before it went under. Great people huh?

But honestly, the number of people that know how to sew and really do this kind of thing, is falling off like a cliff. As the older population can no longer participate in sewing, well the customer base dwindles. It's not being picked up by the younger generations at a pace to sustain these places. Hobby Lobby is about the only place to get these things these days. Hancocks went under and Joann didn't really have much competition, but they also didn't have much coverage.

Doesn't Michael's carry that kind of stuff?

[Tyson]

Doesn't Michael's carry that kind of stuff?

Yes, but not at the price or quality of Hobby Lobby.

[bombermwc]

And only at some of them. I don't think the 240 store has any fabric. The old MWC one didn't either, but it was net to Hancock's (when that existed).