Joann closing nine North Texas stores amid bankruptcy proceedings | wfaa.com
https://www.wfaa.com/article/money/business/joann-closing-hundreds-stores-nationwide-list-north-texas-stores-closures-dallas/287-8f322bed-db17-4c9c-89b0-3d3d1d03c92e
10 points · 4 comments · view on lemmy.world
4 Comments
The_v@lemmy.world · 4 pts · 1y
Anytime I see these headlines I look for the buyout from private equity/investment firm etc in the past. Yep... A 1.6 billion dollar price tag in 2010.
https://archive.nytimes.com/dealbook.nytimes.com/2010/12/23/leonard-green-offers-1-6-billion-for-jo-ann-stores/
They went from record profits to in trouble by 2020. When Covid pushed back bankruptcy a few years. Hey look the amount that debt that they still owe around 1 billion.
https://www.usatoday.com/story/money/2025/02/12/joann-fabrics-closing-stores-bankruptcy/78459650007/
Now there is no direct paper trail but a financially stable company that is loaded up with 1.6 billion in debt from a leveraged buyout.... Guess what happens in a few years. 20,000 employees get fucked over for greed.
BDalt@lemmy.world · 2 pts · 1y
Yup, and hedge funds strategically short the company stock down, knowing this is going to happen, and once the stock is cellar-boxed and delisted they don't even pay taxes on their ill-gotten gains.
Spacehooks@reddthat.com · 1 pts · 1y
Late stage Capitolisim.
Spacehooks@reddthat.com · 1 pts · 1y
I just found out from my cosplay buddy. This is really sad for the people in those states. I hate shopping online for clothing material.