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Joann closing nine North Texas stores amid bankruptcy proceedings | wfaa.com (www.wfaa.com)

submitted 2 weeks ago* (last edited 2 weeks ago) by [email protected] to c/dfw

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[–] The_v 4 points 2 weeks ago (2 children)

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 2 points 2 weeks ago

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.

[–] [email protected] 1 points 2 weeks ago

Late stage Capitolisim.

[–] [email protected] 1 points 2 weeks ago

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.