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<\/p>\nWe\u2019re actually talking about two companies in this article. One which has admitted defeat and has declared bankruptcy and one which is most likely going to declare bankruptcy but has yet to do so.<\/p>\n
First, let\u2019s talk about the one that declared bankruptcy \u2013 JCPenney\u2019s. The huge chain department store that sells clothes, shoes, purses, decor and so much more has been struggling for years. This company filed for bankruptcy back in 2020, but before they took this course of action, there were warning signs.<\/p>\n
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While JCPenney didn\u2019t come out and say they were struggling, if you visited a retail store, you may have noticed a lack of products on store shelves or missing sizes in some brands that seemed to sell out quickly. This is a sign that vendors weren\u2019t being paid or weren\u2019t being paid in a timely manner, and these vendors were hesitant to continue doing business with the retail store.<\/p>\n
As a result of their problems, JCPenney\u2019s CreditRiskMonitor FRISK Score was lowered to 1, which is a big sign that bankruptcy is on the horizon.<\/p>\n
Now, another large and popular retail chin\u2019s FRISK Score has been lowered to a 1. That retail chain is Joann, which is also known to many as Joann Fabrics. The chain sells craft supplies, obviously including fabric, as well as a selection of home decor and even some kids toys.<\/p>\n
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Mark Self, CEO of Vector Textiles, believes that Joann\u2019s problem is three fold. He said, \u201cA specialty store specializing in crafts and sewing whose customer base is dwindling, no CEO and $1B in debt\u2026sounds like liquidation time to me.\u201d<\/p>\n
How are other similar stores staying afloat? Aptos Vice President compared Joann to Michael\u2019s another craft store that sells many similar products. She wrote, \u201cMichael\u2019s recently invested in revamping stores, streamlining checkout, upping their loyalty game.\u201d She believes Joann should follow Michael\u2019s example by \u201cgetting smart and streamlined and simple about the offer to customers.\u201d<\/p>\n
Having recently visited both a Michael\u2019s store and a Joann store, I can agree that Michael\u2019s deals are simpler and easier to understand as opposed to all the fine print at Joann about what items are eligible for deals. Also, my local Michael\u2019s store has self checkout options, which meant there was no line, meanwhile, my local Joann store doesn\u2019t have that option, which meant waiting much longer for an open register.<\/p>\n