Around the Net
Joann Faces Loss, Implements Cost Reduction Plan
- Chain Store Age, Tuesday, March 28, 2023 5:46 PM
Despite reporting sales that topped Wall Street estimates, fabric and craft store Joann incurred profit losses in the fourth quarter (and full year) and has begun implementing a $200 million annual cost reduction plan. "Earlier this month, Joann announced a new credit facility that adds a series of $100 million first-in last-out loans, adding to its existing $500 million asset-based revolving credit loan," per Chain Store Age.
