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Joann Going Out of Business After 80+ Years, Closing All Stores Following Bankruptcy Auction Joann Going Out of Business After 80+ Years, Closing All Stores Following Bankruptcy Auction
Joann Going Out of Business After 80+ Years, Closing All Stores Following Bankruptcy Auction Joann will shut down all of its 800 locations, ending more than 80 years of selling fabrics and craft supplies. Joann announced the winning bidders at a bankruptcy auction plan to begin going-out-of-business sales at every store, the company said. At its height, the crafts chain had about 850 stores in every state but Hawaii. Financial services company GA Group, in partnership with the prepetition term loan agent, acquired Joann's assets at the auction. "Joann leadership, our board, advisors and legal partners made every possible effort to pursue a more favorable outcome that wou…

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by Chris Spiker
Business
Starbucks Slashing 1,100 Corporate Jobs In Major Company Shake-Up Starbucks Slashing 1,100 Corporate Jobs In Major Company Shake-Up
Starbucks Slashing 1,100 Corporate Jobs In Major Company Shake-Up Starbucks is cutting 1,100 corporate jobs as part of a sweeping restructuring plan designed to simplify operations and refocus on its core business. Starbucks CEO Brian Niccol announced the layoffs in a message to employees on Monday, Feb. 24. The job cuts will affect non-retail support employees, as the coffeehouse chain works to streamline leadership and eliminate duplicate roles. Several hundred open but unfilled positions will also be removed. In-store workers and store hours won't be affected Niccol said the decision is part of the company's broader "Back to Starbucks" plan,…

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by Chris Spiker
Business
Southwest Airlines Laying Off 15% Of Workforce In 'Unprecedented' Corporate Overhaul Southwest Airlines Laying Off 15% Of Workforce In 'Unprecedented' Corporate Overhaul
Southwest Airlines Laying Off 15% Of Workforce In 'Unprecedented' Corporate Overhaul Southwest Airlines is cutting 1,750 jobs as part of a restructuring plan to streamline operations and reduce corporate costs. Southwest announced the layoffs for about 15 percent of the airline's corporate workforce in a news release on Monday, Feb. 17. The job cuts, which will be finalized by mid-2025, primarily affect corporate leadership and support roles. Eleven senior leadership positions, including vice presidents and directors, are also being eliminated. "This decision is unprecedented in our 53-year history, and change requires that we make difficult decisions," said…

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by Chris Spiker
Business
Spirit Airlines Slashes Jobs As It Charts Path Out Of Bankruptcy Spirit Airlines Slashes Jobs As It Charts Path Out Of Bankruptcy
Spirit Airlines Slashes Jobs As It Charts Path Out Of Bankruptcy Spirit Airlines is laying off about 200 employees as the company tries to survive amid bankruptcy proceedings. The budget carrier will eliminate the positions across various departments, a company spokesperson told Daily Voice on Thursday, Jan. 16. The move came as Spirit looks to emerge from Chapter 11 bankruptcy, which it filed for in November 2024. The layoffs, which follow recent pilot furloughs, aim to align the airline's staffing with its current fleet size and level of flying while achieving $80 million in annual cost reductions. "These decisions are never made lightly, and we are c…

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by Chris Spiker
Business
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months Arts and crafts retailer Joann is declaring bankruptcy for the second time in less than a year, officials said. Joann filed for Chapter 11 bankruptcy in a Delaware court, the company said in a news release on Wednesday, Jan. 15. The chain known for sewing and other craft materials said the move will help facilitate a sale to maximize the business's value. Interim CEO Michael Prendergast said the bankruptcy declaration was necessary despite the chain's efforts to drastically improve its financial health. "Since becoming a private company in April [2024], the Board and management team h…

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by Chris Spiker
Business
TGI Fridays Files For Bankruptcy Weeks After Sudden Closures Of At Least 12 Restaurants TGI Fridays Files For Bankruptcy Weeks After Sudden Closures Of At Least 12 Restaurants
TGI Fridays Files For Bankruptcy Weeks After Sudden Closures Of At Least 12 Restaurants Casual dining chain TGI Fridays has filed for bankruptcy several weeks after at least 12 of its restaurants suddenly closed. The company filed the Chapter 11 petition on Saturday, Nov. 2, in Texas, near its Dallas headquarters. Founded in New York City in 1965, TGI Fridays has 95 restaurants in the US, 39 of which the company owns and operates. The other 56 are independent franchises not involved in the bankruptcy petition. The company said that all those locations will remain open. According to the TGI Fridays website and other reports, the following locations are now listed as permanent…

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by Joe Lombardi