The Malone Joann Fabrics will be as part of the company’s bankruptcy proceedings. The store, located closed off Route 11, is among the approximately 500 stores across the country that will close as a result of Joann’s reorganization plan.
Joann Fabrics Facing Financial Problems
Joann Fabrics has been a mainstay among sewing enthusiasts, crafters, and hobbyists for decades. The business has been struggling financially, however, because of several reasons, including declining in-store sales, escalating operational costs, and changing consumer shopping behavior.
In the wake of these troubles, Joann applied for bankruptcy, a court process whereby corporations can restructure their financial affairs but stay open. Through this process, Joann filed a court motion to obtain authorization to close up some hundreds of its stores, including the Malone store.
Malone Store to Shut Down
The Malone Joann Fabrics store is based in a mall complex close to Runnings and Big Lots. It has served residents looking for sewing materials, fabrics, yarn, and other crafts. When the store closes, most loyal customers will have no other places to turn.
The company has not officially announced a closing date for the Malone store but encourages customers to visit the store as it remains open. There may be clearance sales and discounts to prepare for ultimate closure.
Why is Joann Closing Stores?
Joann Fabrics has been experiencing financial difficulties for a very long time now. A combination of several underlying factors has compelled the company to shut down its stores:
Decrease in Sales:
Increasing numbers of customers are choosing online purchases over shopping in physical stores.
High Expenses:
Rising raw material prices, rents, and manpower expenses have squeezed profit margins.
Change in Market Trends:
Consumers’ enthusiasm for making things has moved in a new direction, while competition caught up in market share.
By closing 500 underperforming stores, Joann is hoping to stabilize its business and concentrate on more profitable stores.
Impact on Employees
The closing of the Malone store will result in layoffs for local employees. While Joann has not provided details regarding the number of employees that will be affected, many employees will have to look for new jobs.
The firm has not indicated whether employees would receive severance pay or placement help.
Effect on Local Consumers
For Malone residents, the closing results in fewer choices for purchasing craft materials locally. Consumers who rely on Joann as a source of sewing materials, home decor material, and do-it-yourself project materials will need to find new sources.
Alternative Shopping Choices
Consumers who have previously shopped at Joann Fabrics in Malone can consider the following alternatives:
Online Shopping:
Websites such as Joann.com, Amazon, and Etsy carry fabric and crafting materials.
Craft Store in the Area:
There may be small, independent local stores that carry such items.
Big Chain Stores:
Walmart and Michaels carry craft supplies in bulk.
What Customers Should Do Now
If you shop at Joann Fabrics in Malone, this is what you do when the store is about to close:
Use Store Credits and Gift Cards:
Pay off any balances outstanding before the store closes.
Make the Most of Sales:
Look for bargains as the store clears out.
Plan for Future Buying: Find additional stores to shop for your crafts.
What’s Ahead for Joann Fabrics?
Joann Fabrics is holding its hopes in shutting underperforming stores and rebuilding its fiscal fitness. While the store closures are a step backward, the company is concentrating on building its web presence and fortifying its core stores.
As it is, though, the fate of the remaining open stores in Joann Fabrics hinges on whether or not its restructuring plan succeeds.
Stay Informed
This is a developing story and further information will be given when it comes out. Impacted customers and employees are advised to keep themselves updated by keeping track of the latest updates from Joann Fabrics.
