Fans of the beloved JoAnn Fabrics, bankrupted by private equity, are launching a craft co-op to revive the store's community spirit, support small businesses, and preserve crafting skills, offering an alternative to corporate monopolies.
JoAnn Fabrics, once a crucial hub for crafters and small businesses, was driven to bankruptcy in 2025 by private equity investors, leaving a significant void. Now, dedicated followers, led by Sandy McClenahan, are striving to resurrect the store's essence through a member-owned or worker-owned craft and fabric co-op. This initiative aims to create an interconnected ecosystem for crafters, preserve individually owned businesses and their unique skills, and actively resist the damaging trends of corporate monopolies and private equity takeovers. While ambitious, this concept aligns with a rapidly growing movement of cooperatives across the US, which prioritize members and community benefits over pure profits. Experts highlight that cooperatives, including well-known brands like REI and Ace Hardware, are thriving and offer a viable economic alternative, especially as a 'silver tsunami' of retiring baby boomer business owners look to transfer an estimated $5 trillion in assets. The envisioned JoAnn's co-op plans to include shared physical spaces, essential for fostering creativity and community interaction, mirroring the unique experience the original stores provided.
