American shoppers are stunned that one of their favorite shopping destinations – Joann Fabrics – is filing for bankruptcy. Many fans were saddened to learn the store was going bust, with one even tweeting out that she’d rather starve than shop elsewhere.
“This is insane. I would rather starve than buy fabric from anywhere else. When they shift those boomer mamas into internment camps, good luck making your own mask,” one Twitter user wrote.
Retail sales slumped 0.6 percent in February, with similar losses in January, as millions of Americans are suffering from the consequences of “Bidenomics” and are pulling back on spending.
The news is no surprise to the many Americans feeling the crunch. Consumers have suffered through the relentless inflation under Joe Biden’s economy, resulting in the Consumer Price Index skyrocketing a remarkable 3.2 percent from February of last year.
Fabrics retailer Joann files for bankruptcy
Joann, the 81-year-old fabric and craft retailer, has filed for bankruptcy as it struggles with customers cutting back on discretionary spending.
In a statement Monday, the Ohio-based company said it filed for Chapter 11 bankruptcy… pic.twitter.com/n5TyU4Tszc
— Suhr Majesty ™ (@ULTRA_MAJESTY) March 19, 2024
Kellogg’s CEO Gary Pilnick spoke during a “cereal for dinner” campaign, boasting that cereal is the perfect cheap alternative meal for struggling Americans.
“The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure,” Pilnick said.
“If you think about the cost of cereal for a family versus what they might otherwise do, that’s going to be much more affordable,” the CEO added.
Sure, the economy is great, the envy of the world, crows Joe. I guess Joann fabrics didn’t get the message before filing for bankruptcy. A deal was reached with creditors allowing the company to continue operations. https://t.co/nW9bY9fk2U
— Linda Britton-Fairchild (@FairchildL3853) March 19, 2024
To lower the high cost of living, the Federal Reserve has hiked its federal funds rate to 5.25 percent and 5.50 percent to try to quell inflation—the highest rate in two decades.
