Craft Store Faces Bankruptcy: Uncertain Future for 78 California Locations

Photo byInstagram

According to the latest retail reports, a popular craft store with 78 locations in California might soon declare bankruptcy, possibly even this week. The store has been talking to its lenders about how to get back on its feet quickly once it files for bankruptcy. This situation is more than just because more people are shopping online, according to financial news site Quartz.

JOANN stores did well during the pandemic because people were crafting more from home and could pick up their supplies without going into the store. But now, as things return to normal and people spend their money on necessities due to higher prices, not as many buy craft supplies.

There's worry that JOANN might have to close some of its shops, just like other stores have done when they went bankrupt. At the time of writing, what will happen to these stores is still under discussion. We will be sure to update you with the latest reports.

Disclaimer: This article is only for educational and informational purposes.