“This is what I don’t understand”: Joann Fabrics’ closing sale sparks outrage
In February, Joann Fabrics announced that, following a Chapter 11 bankruptcy filing, it would be shuttering all 500 of its stores across the US.
Naturally, Joann Fabrics is hosting liquidation sales at most of its locations. But some aren't so happy with the deals.
Why is Joann Fabrics closing?
A spokesperson for the company went into further detail about Joann's closure.
"Following a comprehensive sale process and auction, GA Group, together with the Prepetition Term Loan Agent, has been selected as the winning bidder to acquire substantially all of Joann’s assets. In connection with this agreement, subject to Bankruptcy Court approval of the transaction, the winning bidders plan to begin winding down the Company's operations and conduct going-out-of-business sales at all store locations," a Joann spokesperson said in a statement to NBC.
"Joann leadership, our Board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business," the statement continues. "We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”
@sheepadoodleluna
What are Joann Fabrics' closing sales?
As a result, Joann announced a string of closing-down sales in their stores, but many customers were left dissatisfied.
In one viral TikTok, which was posted by Jamie (@sheepadoodleluna), the TikToker filmed herself roaming a Joann store with on-screen text reading: "POV: you went to Joann's 'store closing,' 'everything must go' sale.'"
Throughout the video, which amassed 290,100 views, Jamie zoomed in on some of the discount signs with a disappointed look on her face. In the clip, the discounts ranged from 20% to 50%.
In the comments, users expressed their shock. "Not even bankruptcy can stop a company from being greedy bro," one quipped.
"This is what I don’t understand," another admitted. "They are closing all their stores, why they need the money for?"
Several others also expressed their displeasure at the fact that the store no longer takes gift cards.
Customers also called out Joann in the comments on the business's Instagram post.
"Why are yall secretly jacking up prices on everything?" one asked. "This sale is worse than the sales you had when you were in business," another wrote. While a third admitted: "I am sad Joann is closing, but the sales are pitiful so far."
As the stores inch closer to closure, its uncertain whether there will be any further discounts or deals.
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