Popular Store in Idaho Files For Bankruptcy: What It Means For ID Stores

Since the pandemic in 2020, many businesses have had to make adjustments. The world changed back then, and despite it being years later, the effect is still being felt. It is why employees get laid off consistently across the country, and why stores have been closing locations and downsizing. The fact that many prefer online shopping has also played a factor, especially when it comes to retail stores. When sales begin going down, and customers are no longer coming through the door, these businesses suffer. One popular business, that has a store in the Magic Valley has fallen on hard times and sadly has had to file for bankruptcy. What does it mean going forward and what popular store is it?

Joann Files For Bankruptcy

The fabric and craft store Joann has officially filed for bankruptcy, doing so early last week. The popular store, based out of Ohio, found itself in billions of dollars worth of debt, forcing them to file for bankruptcy. The cost of shipping and materials from overseas has played a factor in this, as well as a drop in sales. The store benefited when the pandemic hit a few years ago, with so many at home doing crafts, but with things back to normal, sales have dropped hurting the business's sales. What does this mean and will the store in the Magic Valley be closing? 

Is Joann Fabrics and Crafts Closing in Twin Falls?

While the word bankrupt is scary, it isn't as simple as going out of business as some think. The good news is that Joann will remain open in Twin Falls, and they will look to keep most, if not all of their stores open going forward. The plan is to not close a single store while working through their restructuring process. The company was able to pay off close to $500 million in debt after filing for bankruptcy. For more on the plan moving forward and how this news affects the company, make sure to click the link in the paragraph above. 

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Some might have been scared when they heard the news, but thank goodness the store will remain open. If you are someone who has been to the store and enjoyed it, make sure to continue to support them, so they won't be closing anytime soon. If anything changes, and the store does end up finding out it will be closing, we will update this story. For now, Joann will remain a part of the Magic Valley and hopefully will be around for years to come.