by Wolf Richter
Wolf Street
The IPO allowed the PE firm that had acquired Joann via an LBO in 2010 to dump the shares into the lap of the public in March 2021.
It all came together in one fabulous package, in the bankruptcy filing today by Joann Inc., an old-line fabric and crafts retailer with about 850 stores in the US.
It’s the stuff we’ve called Brick-and-Mortar Meltdown since 2017, during which hundreds of major retailers, from the biggest ones on down, filed for bankruptcy and most were liquidated. Plus, cherry on top of the cake, it’s the stuff we’ve seen since 2021 in our pantheon of Imploded Stocks.
Joann Inc. brings it all together: