Popular Store in California Files For Bankruptcy: What It Means For CA Stores

Over the last few years, many stores nationwide have gone out of business, have had to downsize, or even file for bankruptcy to try and stay afloat. The pandemic might be in the past, but the effects are continuing to be felt years later and will continue to be felt for years to come. Many have lost their jobs to it, and many businesses have had to rethink how they do certain things. Recently, another store announced they have filed for bankruptcy, and it has many wondering how this will affect things going forward and if the stores in California will remain open, or close their doors for good.

Joann Fabrics and Crafts Files for Bankruptcy

The popular fabric and craft store, Joann Fabrics and Crafts has officially filed for bankruptcy, doing so a couple of weeks ago. The store has over 800 stores nationwide and is based out of Ohio. They recently found themselves in billions of dollars of debt, after sales began to decline. The store was one of the few that benefitted from the pandemic a few years back. With everyone forced to stay home, crafts became popular among families, but with the world opening back up, their sales have taken a hit, and like many businesses, they are now feeling the effects. With the company filing for bankruptcy, what does that mean for stores in California going forward? 

Will Joann Fabric and Crafts Close in California?

Anyone who has played the board game Monopoly knows that filing for bankruptcy is not good, but unlike the board game, it does not mean game over. Joann has announced that they plan to keep all stores open moving forward as they like to reevaluate and restructure the process. The company has been able to pay back over $500 million of its debt since filing. For more on the company filing for bankruptcy, make sure to click the link in the paragraph above. 

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I know many panicked when they heard that the company had filed for bankruptcy, but for those who love shopping at the stores, those who work there, and those who enjoy going in from time to time, the good news is that the stores will remain in business. Make sure to buy a little extra the next time you go in, or to encourage your friends and family to stop by. During the summer, encourage everyone to start doing more crafts again, to help Joann keep going moving forward.