Generic disclaimer: this is not financial advice.
Joann Fabrics ($JOAN) just sent out an internal memo stating that almost all full time positions are being axed. As some of you may know their CEO stepped down; what some of you might not know is that there are two board members trying to fill the position at the same time. I know several people within the company that say they've never seen it this bad with cutbacks and fuck ups.
This on top of the massive failure of their Ditto Machine, which lost the company millions, has resulted in the company hemorrhaging money. Retail Dive had the listed on the bankruptcy watch a year ago, managed to limp on. Well it looks like bankruptcy is back on the menu.
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