Figgy1
Well-Known Member
Now all storesare closing













Now all storesare closing
3 of My aunts on my mom's side stayed at Dixie Landing over 30 years ago. I looked at parts of Dixie Landing including the Food Court back when my parents decided to look at Dixie Landings while staying at what is now the French Quarter.Ah, but did you actually stay at Port Orleans Riverside when it was called Dixie Landings? I did.
I think every generation that came down the pike goes through that phase -- including us!![]()
Now all storesare closing
Never been in a store. I have no idea what they sell besides fabric stuff. But online shopping is destroying everything. And yes, I do buy online because I can get better products than places sell here. There's only big retailers here anyway.
I just read the SEC 10K filing from 2023 (last one I could find). And...Figgy has it right. It's not about online shopping or anything. They appear to have done really well during Covid (probably because people got really into crafting) borrowed a bunch of money, and then had no plan for how they were going to use or pay back that money. Then their first major loan came due in 2024, and they couldn't pay it back.Management has been horrible for several years, since they were bought out
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Adding to this...for comparison's sake, I pulled up the one for Michael's, (which I could only get for 2020 because they were acquired by a private equity firm...boo...anyway...)I just read the SEC 10K filing from 2023 (last one I could find). And...Figgy has it right. It's not about online shopping or anything. They appear to have done really well during Covid (probably because people got really into crafting) borrowed a bunch of money, and then had no plan for how they were going to use or pay back that money. Then their first major loan came due in 2024, and they couldn't pay it back.
Reading through it, I'm like "did you have a strategy? At all? Or were you throwing stuff at the wall hoping something would stick?"![]()
We do sewing but have no clue what sewing isAdding to this...for comparison's sake, I pulled up the one for Michael's, (which I could only get for 2020 because they were acquired by a private equity firm...boo...anyway...)
Michael's reads like "we purchased this company and branded them as Michaels, we offer this unique service, we own these brands that customers can only get here, we're offering these services for online shoppers, we partnered with these brands..."
JoAnn's SEC reads like "We do sewing...we have always done sewing...our customers like sewing..."
It's completely evident one company knew what they were doing and had a strategy...and the other did not.
Ours closed more than a year ago. The Michael's was closer (and newer) so I went there. Mom said they were rude the last time she was in JoAnne's and never went back. We rarely need stuff in there because Lord knows we are not talented in that realm.We do sewing but have no clue what sewing isI've seen things left on the shelf over the past 7ish years, not just a bit of this and that at the end of the season but whole lines of products. The worst was influencer carp "by" people who had no clue about sewing/crafting. The cosplay stuff curated by an actual cosplayer/cosplay designer was decent and seemed to have sold well, yarn unless on sale was overpriced even compared to small local specialty shops, and don't get me started on fleece, there was just way too much and some of horrid quality, all overpriced except when on sale. Yes, I'm complaining about fleece and I live in fleece 9 months of the year so that says something. I could write pages and pages about the awful decisions they've made. It's been 2 years since I've done real shopping there, I may have grabbed a few things since then
I feel a Foghat song coming on…..MDE officially categorizes it as a slow ride
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A few degrees behind but right there with youIt's a heatwave right now 44. Going up to 52. AND yet, I'm still cold inside.
62 here going up to 70 here.Sorry, it's 61 here right now. High of 68! Not sorry!
Take it easy...I feel a Foghat song coming on…..
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