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Stitching & Crafting Room:  Jo-anns fabric chpt 7  |
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katmom
True Blue Farmgirl
17161 Posts
Grace
WACAL Gal
WashCalif.
USA
17161 Posts |
 Posted - Feb 16 2011 : 7:00:46 PM
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Jo-Ann Fabrics shifts into Chapter 7 liquidation
Full story: The Indianapolis Star
WILMINGTON, Del. -- A federal judge has approved Jo-Ann Fabrics' request to convert its Chapter 11 bankruptcy to a Chapter 7 liquidation.
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Did joann fabrics file bankrupcy?
No - the newspaper has the name spelled wrong. it was Joan Fabrics - an upholstery company - not the fabric and craft chain store.
Source(s):
Joan Fabrics - Case No. 07-10479 of the U.S. Bankruptcy Court. Bankruptcy filed in April - changed from Chapter 11 to 7 last week.
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I forget where I read the post by Bev, but this is what I found on the internet...that "JoAnns" or was it "Joans" is just another casuality of the economic woos plaguing the US.
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>^..^<
Happiness is being a katmom.
"Is it time for my Dirt Manicure yet!"
www.katmom4.blogspot.com & http://www.graciesvictorianrose.blogspot.com
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Edited by - katmom on Feb 16 2011 7:58:40 PM |
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Beverley
True Blue Farmgirl
2707 Posts
Beverley
atlanta
Michigan
USA
2707 Posts |
Posted - Feb 17 2011 : 8:31:01 PM
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joanns fabrics was bought out for 1.6 billion I think I read. It was bought by a big company that is going around buying up stuff right now. I will try and find the link again...
Folks will know how large your soul is by the way you treat a dog....Charles F. Doran
beverley baggett
Beverley with an extra E...
https://sites.google.com/site/bevsdoggies/
http://bevsdoggies.blogspot.com/ |
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Beverley
True Blue Farmgirl
2707 Posts
Beverley
atlanta
Michigan
USA
2707 Posts |
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katmom
True Blue Farmgirl
17161 Posts
Grace
WACAL Gal
WashCalif.
USA
17161 Posts |
Posted - Feb 18 2011 : 11:54:32 AM
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Thanx Bev, great article.
gee, I am not surprized about the buy out....
I actually made a comment about what I read and the 2 clerks at the cutting table had a look of shock on their face & then commented that they never heard anything about that (chpt 7)....
The Joanns store on Francis rd(Spokane) has some really terffiic clerks, but alas, the mailers/coupons are such a tease....I went to buy some pillow ticking fabric the other day, coupon in hand and dawgone it the fabric was 25% off so I could not use my coupon....bummer.
I think the company's stratergy is to have nearly every thing in the store as listed 15-40% off and the coupons are a "come on" to entice shoppers.
I like the older stores when, when you went in, the store was 60% fabric and 30% craft and 10% misc... now it seems the stores are 50% carft, 30%fabric and 20% pre-made deco items.... oh well, times are changing.
>^..^<
Happiness is being a katmom.
"Is it time for my Dirt Manicure yet!"
www.katmom4.blogspot.com & http://www.graciesvictorianrose.blogspot.com
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urban chickie
True Blue Farmgirl
734 Posts
Catherine
Niles
IL
USA
734 Posts |
Posted - Feb 18 2011 : 7:10:09 PM
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LOL - that link is a blog, not a news article, and is incorrect. There has not been a buy-out, but the private equity firm named has bid to buy out the currently public-traded stock options. Joann's is currently accepting other bids as well, so nothing has been finalized. But the company won't be public traded any more.
Catherine
Farmgirl #1370
City Girl By Birth,
Suburbanite By Location,
Farmgirl at Heart
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katmom
True Blue Farmgirl
17161 Posts
Grace
WACAL Gal
WashCalif.
USA
17161 Posts |
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acairnsmom
True Blue Farmgirl
1319 Posts
audrey
cheyenne
wy
1319 Posts |
Posted - Feb 22 2011 : 09:05:21 AM
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Boy! You both had me going! And Grace, you're right about their flyers being a tease. They put only a few select items on sale and the description of the actual sale item is in very small print. I worked at a JoAnns one holiday and you wouldn't believe the number of people who would purchase a similar fabric thinking it was on sale, get it cut and then find out it's not on sale (once cut it's yours). And the seasonal merchandise goes onto the shelves at "50% off" from day one? So how is that possible when it was never sold at the "regular" price?
Audrey
Toto, we're not in Kansas any more! |
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Stitching & Crafting Room: Jo-anns fabric chpt 7 |
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Jo-anns fabric chpt 7
