50 Brands on the Brink of Declaring Bankruptcy

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JoAnn Fabric and Crafts, commonly known as JOANN Stores had a CreditRiskMonitor FRISK Score of 1 in 2023, indicating a high likelihood of bankruptcy. Despite a jump in sales during the pandemic, the company has struggled to maintain momentum, resulting in a 2.1% decline in net sales and a deeper net loss in the second quarter of 2023.

JoAnn Fabric and Crafts

With over $1 billion in debt and rising interest costs, JOANN is implementing cost-cutting measures, including layoffs, to navigate its difficult financial environment. The retailer's financial troubles coincide with leadership changes, with no CEO appointed following Wade Miquelon's retirement. While JOANN maintains confident about its survival, rising obstacles add to an uncertain future, with the potential of bankruptcy looming in the coming months.

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Did you know...

  • Once you've handled all your money, you should probably wash your hands. Money is some of the dirtiest things that we own. In fact, it's been found to be dirtier than a household toilet! During flu season, the virus can live on a bill for up to 17 days. That's just plain disgusting!
  • Paper money is actually pretty heavy. One pound would be worth $454 in $1 bills. That means $1 million comprised solely of $100 bills would weigh over 20 pounds. Those suitcases filled with money in movies must be hefty to lug around all that paper money. If you plan on robbing a bank, you better bulk up!
  • The most expensive hotel room in the world (the Royal Penthouse Suite at the Hotel President Wilson in Geneva, Switzerland) costs $83,200 a night. That's $58 per minute for a stay! Good thing it has 12 bedrooms, 12 baths, a wraparound terrace, a Steinway piano, and an assigned private staff (including a chef)!
  • There are over 1.6 million automated teller machines around the world. And that really does mean the entire world. There are even two ATMs on Antarctica at McMurdo Station operated by Wells Fargo. Friday is the most popular day that ATMs are used worldwide, and the average withdrawal is around $80.
  • Want a money saving tip? Ditch credit and debit cards, and stick to carrying around cash. Studies show people spend between 12 – 18% more when using a plastic card as opposed to when paying for things in cash. If you physically have to dole it out, you’re much more aware that you are spending your hard-earned money!