One of my favorite places to buy fabric and crafts, Joann Fabrics, has filed for bankruptcy! I was beyond devastated to hear of this news.
To anyone who doesn’t know, Joann Fabrics is a place where you can buy fabric, yarn, buttons, home décor, string, thread, and so much more. When I was looking for fabrics to use for my homemade baby bibs, Joann Fabrics was the place where I could find anything. If I wanted to find a doggy print, I could find not one, but twenty different dog prints. There are currently 14 Joann Fabrics located in the Commonwealth of Massachusetts and it’s a company that’s been around for the past 81 years.
Why Did Joann Fabrics File For Bankruptcy?
Joann Fabrics filed for Chapter 11 bankruptcy protection. They have secured $132 million in fresh funding, which helps reduce the debt in half, but it’s still not enough. The Joann Fabrics debt reached to $1 billion. The reason for decline in sales in recent years can be blamed on the pandemic. During the pandemic people were stuck at home and spending money on things like arts and crafts. Joann Fabrics was a great place to order online or in store, and try new hobbies for the first time.
In 2024, people are back to work and back to their non-pandemic routines. The desire to try new crafts has declined over the four years. And then when you add inflation into the mix, a yard of fabric that used to cost $4/yard is now up to approximately to $8/yard. Buying new crafts, fabrics, and buttons is just plain unaffordable, unless you know exactly what you’re doing. And if you’re sick of the high prices, you’ll probably go online and find the same/similar crafts on places like Amazon.
Joann’s stock was delisted from the Nasdaq and will become privately owned following the bankruptcy process. They expect this to happen next month. They have 850 stores nationwide and they claim that right now they will remain open for business. Their website will also be open during this time.
But in case Joann Fabrics has to go under completely under, here are some other options for you to buy your fabrics, locally in Massachusetts.