SCAM: 97% of Jo-Anne Fabrics stores were profitable. Yet bankruptcy. What?

[rmc51]

https://rumble.com/v6skxgd-scam-97-of-jo-anne-fabrics-stores-were-profitable.-yet-bankruptcy.-what.html?e9s=src_v1_upp

This is the first that I have heard of this.

Quote:
Stephen M: Exactly what happened to Prima Wawona. Was the largest fruit grower in the world. Bought by equity firm. Went bankrupt shortly after.

Any of you guys have any info on this?

 

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PS. I was surprised that Jo-Anne Fabrics went down, but if I remember wasn't there some dollar stores that went down and that did not make sense also.

[mystery-ak]

I never understood how Jo-Anne's went under...our store was always crowed and I bet most others were as well.

[rmc51]

I never understood how Jo-Anne's went under...our store was always crowed and I bet most others were as well.

 

I have never been in a Jo-Anne's, but if I remember wasn't there some dollar stores that went down and that did not make sense also.

[rmc51]

Found it:
Dollar stores are shutting down across America. They did this to themselves
https://www.cnn.com/2024/04/11/business/family-dollar-99-cents-only-closing/index.html

Quote:
New York
CNN
 —
These are tough times for two big US dollar store chains. In the past month, Family Dollar said it will close nearly 1,000 stores and 99 Cents Only said it will go out of business.

Both companies said inflation and shoplifting have contributed to their troubles. While inflation has pressured the companies’ low-income customer base and shoplifting has squeezed their profits, those factors alone can’t explain their difficulties.

Years of strategic mistakes and underinvestment have plagued Family Dollar and 99 Cents Only, retail analysts say. Both brands were acquired by other companies and faltered under their new owners.

 

[rmc51]

This brings up questions about Sears, Kmart, Radioshack
https://www.nrn.com/restaurant-franchising/bankrupt-pizza-hut-franchisee-plans-to-sell-all-127-stores


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