Oh, how the mighty have fallen, my friends! Remember the days when Sears, Kmart, and J.C. Penney were the giants of retail? Sadly, those days are long gone as these once-great retailers have now been reduced to mere shadows of their former selves, succumbing to bankruptcy and near extinction.

And now, it seems we may be witnessing the same fate for another retailer,  24/7Wallst.com shared that Joann Inc. could be next.  The beloved fabric and craft store appears to be facing a similar struggle. Joann, like many traditional brick-and-mortar retailers, has been feeling the heat from e-commerce giants such as Amazon. And, unfortunately, it seems like they're losing the battle.

Joann Fabric and Crafts - Yelp
Joann Fabric and Crafts - Yelp

According to TheStreet, Joann's CreditRiskMonitor FRISK Score has been lowered to a 1. Now, you might be wondering, "What does that mean?" Well, let's just say it's not good news. Most companies with that score don't make it. In fact, Joann's shares have plummeted 90% in the past year, and its market cap is a meager $19 million. But here's the kicker, despite this, Joann recently hired thousands of employees for the holiday shopping season. Talk about optimism! Or perhaps it's desperation? Only time will tell.

The company's recent quarterly numbers don't look great either. With a net loss of $74 million and only $19 million in cash on its balance sheet, things are looking pretty bleak. Despite efforts to cut costs, it's clear that you can't simply slash your way to profitability.

Now, I'm not saying it's all doom and gloom. There's a tiny glimmer of hope that a surge in holiday sales could turn things around for Joann. But, let's be realistic here, it's a long shot. It seems like Joann is struggling to keep up. But who knows? Miracles do happen. Maybe this holiday season will bring a much-needed boost to the beloved craft store. And if not, well, we'll always have the memories, won't we?

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