Joann Fabrics and Crafts have caught some violent reaction from customers to gift cards as they continue to collect collective at the country level.
The popular retail dealer in the middle of business sales in all its 800 sites.
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Discounts reach 40 % of everything in the store, according to a modern post on the Joann's Instagram page.
“Fast in the best choice before closing all our stores!” Read the explanatory name.
The liquidation began after Joan applied bankruptcy in January, noting about $ 615 million of debt.
The monthly costs of keeping stores reached 26 million dollars alone.
Read more about closing the store
While it was initially expected to close about 530 of its stores and continue to run the remaining 270, Joan confirmed last month that it would close everything.
He also noted that during the continued final sales, customer gift cards will be accepted until February 28, a date that has been approved since then.
Chaos card
However, shoppers are angry that gift cards are not honored as closed continues.
“I just want you to know the incredibly annoying extent to cut our ability to use gift cards,” someone pushed in the Joann's Instagram post about 40 % of sales.
“Regardless of the fact that you are closing, take your business money and now refuse to give the product in exchange for that. Error.”
Another said: “Very annoyed by cutting gift cards so quickly and with this little notification.”
Others were so angry that they accused the retailer of “theft and fraud” to reduce the use of the gift card, although this is not accurate.
Despite anger, most shoppers are still simply sad because Joan is closing forever.
“No, my favorite shop,” a customer has long wrote.
Another person added, “My heart hurts me a little.”
How does bankruptcy work?
Banking is a specific legal process that helps companies cancel debts that they cannot pay.
The process allows companies to start new and reach new credit.
The bankruptcy, which is supervised by federal courts, allows the company to sell its assets more easily to pay creditors, according to Investopedia.
Chapter 11, which is a common process for companies, is used to restructure a company with the aim of survival – even if it means selling most of the company's real estate.
Chapter 7, on the other hand, sells all the assets of the company and removes it from work.
Chapter 15, instead, is allowed to cooperate between American and foreign courts to conduct bankruptcy procedures with “parties to an interest that includes more than one country,” according to the United States courts.
A third said, “Rip Joann's I was real.”
The second time
January's bankruptcy is the presentation of the second semester of the second year of the brand.
In March 2024, it was previously saved with more than $ 500 million of debt.
About a month later, it appeared as a private company instead of a year after a buyer was found, and no stores were closed.
This time, however, it didn't happen.
Joan is not alone in bankruptcy problems either.
Many retailers were presented last year, with hundreds and hundreds of closure.
Large pieces are noticeably bankrupt in September, and it is scheduled to stay only about 200 stores open after more than 1000 at the time of deposit.
LL FloRing also presented bankruptcy almost at the same time, and returned to her old name for wood features while destroying more than 200 stores.
