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How Joann Fabrics went from a cult-favorite retail darling to a bankruptcy disaster 

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How Joann Fabrics went from a cult-favorite retail darling to a bankruptcy disaster  - Fortune

Quick Summary:

Generational spending shifts, a leveraged buyout, and a post-pandemic whiff have all contributed to the death of a beloved American institution.

However, that eroded with time. One major culture shock came when then-CEO Jill Soltau, who had not previously worked in craft retail, hired consultants from McKinsey to analyze the workforce, which led to layoffs, he recalls.(Soltau did not respond to Fortune’s request for comment.) Between 2011 and 2023, nine executives rotated through the CEO office, including Webb and two sets of interim co-chiefs.

In a statement published when the company filed for bankruptcy this year, Joann attributed the move to “significant and lasting challenges in the retail environment” and its “financial position and constrained inventory levels.


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Article Details

Author / Journalist: Lila MacLellan

Category: EconomyBusiness

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-29 @ 08:00:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 2054 words

Reading Time: 12 minutes read

Sentences: 4 lines

Sentence Length: 514 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 27396402

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Official Website: fortune.com

Update Frequency: 57 posts per day

Year Established: 1929

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News Last Updated: 8 hours ago

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