Latest news with #Joann
Vancouver Sun
23-07-2025
- Sport
- Vancouver Sun
'Massively exciting time for soccer in Vancouver': meet Martin Nash, new head coach of Vancouver FC
I never thought the day would come when I would be back in my hometown coaching a professional soccer team in our own domestic league, with a chance to make history in the Canadian Championship, all less than a year before the World Cup rolls into town. My family has made Vancouver our permanent home since 2004 when I came back to join the Whitecaps from Montreal after playing in England the previous four years. Our kids went to school here, so after growing up on Vancouver Island, this city is now our home, it's where I want to be. The chance to become head coach of Vancouver FC in the Canadian Premier League is a challenge I am honoured to take on. A daily roundup of Opinion pieces from the Sun and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Informed Opinion will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Soccer was always the main sport in our family. I played with kids a year older, so I got to play with my brother Steve on the same team a lot of the time. And he was an excellent player, provincial high school MVP, while my sister Joann was captain of the University of Victoria Vikings soccer team. Our dad was also a semi-pro player, so the three of us had soccer in our blood and two of us went quite far in the sport. Obviously Steve went in a different direction becoming one of the NBA's all-time great basketballers. But soccer was the first sport we ever played and my first love that I was lucky enough to gain a pro career out of. But when I grew up there was no pathway for young Canadian players to move up the ladder as a professional. Luckily I made the Vancouver 86ers of the old CSL as a teenager. From there, to keep my career going, I had to go overseas. I went on tryouts, which is tough to do as a young kid leaving the country. I went on a series of trials before I stuck as most players do — you don't usually just go to one club and stick. I spent six weeks at Tottenham Hotspur as a 17-year-old and played in a first-team friendly but wasn't able to catch their eye, and then it was on to the next club, which was a smaller London club called Watford. That didn't pan out either, so it was off to Southend where I was close to signing but it didn't happen so I went home. A year later I gave it another go and went back on trial at Stockport County and was able to catch on after three weeks of trials. So they took their time to make their decisions and it wasn't always easy but it was something you had to go through those days if you wanted a career. You had to really want it bad and put in the sacrifice. For me the sacrifice was worth it. I earned 38 caps with Canada from 1997 to 2008, including winning the Gold Cup in 2000, but my first cap didn't come until pretty much the same day I signed that contract with Stockport in England. That shouldn't be the required path to selection for the national team for any of our young players. What Vancouver FC has been doing as a franchise is giving young players a chance to have a pro career here, promoting them, being able to secure transfers for a few. It's a phenomenal experience to be able to offer that opportunity and something I want to be a part of. Before 2019 and the formation of the Canadian Premier League we were the only developed country in the world without a Tier 1 domestic league, and now with the likes of VFC working with organizations such as Langley United and the Fraser Valley Soccer League it's exciting to see a Canadian soccer ecosystem developing. A wide pathway is emerging and already there aren't anywhere near as many players slipping through the cracks. I know a lot of players are getting chances either as a youth, after coming out of university, or getting a second chance coming back from another pro environment like one of the MLS teams. Vancouver FC gives a chance to both rising stars and late bloomers in Metro Vancouver, the rest of B.C. and beyond, and obviously the coaches are going to help and do everything they can, but players still have to want it. Sacrifice is a good word for it. You have to dive in and give everything you have. It's one thing having the opportunity but you need to have the will and put in the effort and do everything you can. Nothing will come easy, you must put in the work. That's a message I will be making clear to our young squad over the coming weeks and months. The timing is perfect with a World Cup coming to Vancouver next summer. If you had asked me even 10 years ago I'd have never thought it would be a possibility. For the next generation to watch the biggest sporting event in the world and see the biggest stars in our city is going to be a special opportunity. The impact of the tournament should be massive on soccer in the region, and in particular on that domestic pathway and the CPL. There was once a time back when I was playing with Canada when half the team was from Vancouver. That's not so anymore, but with this league I believe we can get back to that. I want to help young players take the next step, but winning is part of development. I want to have a team that has the belief to make the playoffs. Right now we have a first-ever Canadian championship semifinal to prepare for on Aug. 13 at Willoughby Stadium. The chance to be the first CPL team in the final where we could potentially have a city derby against the Whitecaps is something to look forward to. It's the biggest pro soccer tournament in the country — if you win this event you get a berth in the CONCACAF Champions League. So I'm really looking forward to it, to getting better, growing and developing myself. Everyone needs to be on the same page in the club and in the community at this massively exciting time for soccer in Vancouver. Let's get started.
Miami Herald
23-07-2025
- Business
- Miami Herald
Bankrupt competitors save popular retailer from store closures
If it seems like your favorite retail stores are dropping like flies, you're not imagining things. The past few years have dealt the retail industry a staggering blow. The Covid pandemic forced many businesses to close to in-person guests, kick-starting a decline in sales from which a lot of companies ultimately failed to recover. Related: Practical fashion retail chain closing all stores unexpectedly But even those that managed to survive the events of 2020 had challenges to grapple with afterward. Soaring inflation drove costs up for retailers, narrowing already thin margins. Just as problematically, elevated living costs have forced consumers to cut back on nonessential purchases, taking business away from retailers. Don't miss the move: Subscribe to TheStreet's free daily newsletter And to be clear, inflation is a problem we're all still dealing with. The numbers may not look as dire as they did in 2022, when post-pandemic inflation peaked. But living costs, to this day, remain expensive on a whole. And now, with the threat of tariffs looming, it's fair to say that consumers will be spending their money even more cautiously in the coming months. In recent years, we've lost a lot of great retailers to bankruptcy and store closures. And the trend has been particularly rampant in the context of niche retailers. In December of 2024, Party City filed for Chapter 11 for the second time. The company had faced a steady decline in sales and just couldn't hang on. Related: Iconic bookstore closing after successful 20-year run Party City began closing stores in early 2025, putting many of its leases up for bidders. Fabrics giant Joann, meanwhile, filed for bankruptcy in January 2025. Like Party City, it was the company's second foray into bankruptcy. Inventory challenges were a big driver for Joann's decision, but declining sales played a role, too. Like Party City, Joann made the tough decision to shutter stores, saddening fans. Despite facing its share of challenges, crafts giant Michaels has managed to adapt nicely in the post-pandemic era. That doesn't mean Michaels is immune to store closures. But the fact that competing niche retailers like Joann succumbed to Chapter 11 first may have saved Michaels from having to shutter stores in the near term. Related: Another large grocery chain follows Kroger in closing stores Michaels made the strategic decision to purchase Joann's intellectual property and private label brands following the company's recent bankruptcy. Michaels is also expanding its in-store line of yarn and fabrics to take the place of its shuttered competitor. In addition, it recently made the decision to expand its line of party supplies. Following Party City's demise, Michaels began offering new balloon designs and bouquets for special events. All told, Michaels is expected to add over 500 new items to its lineup of party supplies this year. Not surprisingly, Michaels has seen an uptick in customers now that its competitors are no longer taking business away. The company saw a 2.3% increase in same-store sales for the quarter ending May 1. More Retail: Walmart CEO sounds alarm on a big problem for customersTarget makes a change that might scare Walmart, CostcoTop investor takes firm stance on troubled retail brandWalmart and Costco making major change affecting all customers If Michaels continues to strategically expand its inventory and improve the in-store experience, it could be just the thing that saves it from following in Party City and Joann's footsteps. That's good news for crafting enthusiasts who can't bear to see another favorite retail chain bite the durst. Related: Costco doesn't want members (and non-members) to know this The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Daily Mail
10-07-2025
- Business
- Daily Mail
Joann bankruptcy takes down another company with 1,400 jobs at risk
The collapse of beloved crafts store Joann has pushed one of its major suppliers into bankruptcy. The gift-wrap maker Design Group Americas (DGA) filed for bankruptcy on Sunday after tariff uncertainty and a pullback in consumer spending pushed it close to the edge. The bankruptcy of its major customer Joann then crippled the vulnerable business, the company said in filings made to the U.S. Bankruptcy Court in Houston. DGA said it had been worn down by a tough economic climate for years, as American consumers cut back spending on discretionary items such as ribbons and wrapping paper in response to the rising cost of essentials. The crafts supplier has around $106 million in unsecured debts, court documents show. The company said it plans to sell its assets, including its wrapping paper and sewing-related businesses, as a going concern but wind down its ribbon manufacturing. In January, Joann filed its second bankruptcy in less than a year and shut all of its stores. Orders from Joann made up around $27.4 million — or 5 percent — of DGA's revenue last year. The bankruptcy puts DGA's more than 1,400 employees across North America, India, Hong Kong, China, the UK, and Australia at risk of losing their jobs. DGA said the uncertainty of President Trump's whipsawing tariff policies made it difficult to predict import costs. This hit its profit margins, as the business relied on importing materials from a range of international markets. DGA's parent company, IG Design Group, which is based in the UK, sold its stake to financial services firm Hilco Global in May as part of restructuring efforts. Hilco has in turn agreed to finance the bankruptcy process with $53 million. Joann, which operated around 800 stores in almost every state, refused to close stores and consolidate after its first bankruptcy filing last March. The blunder plunged them further into the red, ending in more than $600 million of debt by January. 'You must reject leases from unprofitable locations and downsize. They didn't, and now they are going to liquidate,' John Bringardner, Head of Debtwire, told at the time. Joann is among a host of retailers to face headwinds after experiencing a pandemic-era sales boom. Stuck-at-home Americans bought craft supplies to indulge new or old hobbies in their increased free time. However, in the years that followed, the surge in home crafting declined and Joann bled revenue. Home organization specialist The Container Store suffered the same fate, filing for bankruptcy in December.
Daily Mail
09-07-2025
- Business
- Daily Mail
Joann bankruptcy claims next victim as another company out of business and 1,400 jobs at risk
The collapse of beloved crafts store Joann has pushed one of its major suppliers into bankruptcy. The gift-wrap maker Design Group Americas (DGA) filed for bankruptcy on Sunday after tariff uncertainty and a pullback in consumer spending pushed it close to the edge. The bankruptcy of its major customer Joann then crippled the vulnerable business, the company said in filings made to the US Bankruptcy Court in Houston. DGA said it had been worn down by a tough economic climate for years, as American consumers have cut back spending on discretionary items such as ribbons and wrapping paper in response to the rising cost of essentials. The crafts supplier has around $106 million in unsecured debts, court documents show. The company said it plans to sell its assets, including its wrapping paper and sewing-related businesses, as a going concern but wind down its ribbon manufacturing. In January Joann filed its second bankruptcy in less than a year and shut all of its stores. Orders from Joann made up around $27.4 million, or 5 percent, of DGA's revenue last year. The bankruptcy puts DGA's more than 1,400 employees across North America, India, Honk Kong, China, the UK and Australia at risk of losing their jobs. DGA said the uncertainty of President Trump's whipsawing tariff policies made it hard to predict import costs. This hit its profit margins as the business relied on importing materials from a range of international markets. DGA's parent company, IG Design Group, which is based in the UK, sold its stake to financial services firm Hilco Global in May as part of restructuring efforts. Hilco has in turn agreed to finance the bankruptcy process with $53 million. Joann, which operated around 800 stores in almost every state, refused to close stores and consolidate after its first bankruptcy filing last March. The blunder plunged them further in to the red, ending in more than $600 million of debt by January. 'You must reject leases from unprofitable locations and downsize. They didn't, and now they are going to liquidate,' John Bringardner, Head of Debtwire, told at the time. Joann has closed its more than 800 stores following bankruptcy Joann's shoppers mourned the loss of the 'happy place' following its bankruptcy Joann is among a host of retailers to face headwinds after experiencing a pandemic-era sales boom. Stuck at home Americans bought craft supplies to indulge new or old hobbies in their increased free time. However, in the years that followed, the surge in home crafting declined and Joann bled revenue. Home organization specialist The Container Store suffered the same fate, filing for bankruptcy in December.
Yahoo
08-07-2025
- Business
- Yahoo
Joann supplier going out of business
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Citing Joann's downfall and U.S. tariffs, Design Group Americas filed for Chapter 11 protection Thursday and will wind down. Parent IG Design Group sold the business in May to Hilco Capital Group for $1, and IG's non-U.S. affiliates are not part of the bankruptcy. The company, whose portfolio includes sewing pattern names like McCall's, Simplicity, Vogue and Butterick, as well as party supply, crafting and home decor brands, said it has an agreement for about $53 million in debtor-in-possession financing from a Hilco affiliate. Design Group Americas will put many of its brands up for sale while 'winding down its domestically manufactured woven ribbon products business and supporting assets,' per the company's press release. For a lot of people who picked up sewing or crafting during the pandemic, their project is barely noticeable in the rear-view mirror — a major reason that Joann itself failed to revive its fortunes following its March 2024 bankruptcy. In January, Joann filed under Chapter 11 for the second time in less than a year, this time in order to go out of business. Last month rival craft store Michaels snapped up Joann's IP and has boosted its fabric arts assortment. But Joann's disappearance is nevertheless having consequences downstream: in court documents, DGA cites 'macroeconomic challenges, coupled with specific setbacks such as the bankruptcy and liquidation of one of the Debtors' major customers, Jo-Ann Stores, LLC,' as having 'severely impacted [its] sales performance and revenue.' Trade tariffs imposed this year also 'increased operational costs, affected pricing strategies, and contributed to reduced customer orders,' the company said. Before its sale to Hilco, DGA was the IG Design Group's U.S. operation, with some supporting operations also based in India, Hong Kong, China, the U.K., Mexico and Australia. For the financial year ended March 31, 2024, DGA reported audited revenue of $500.3 million and an operating profit before tax of $4.9 million. As of Sept. 30, 2024, DGA had un-audited net assets of $245.4 million, including intangibles and deferred tax assets of $94 million. At the time of the sale, IG Design Group Chair Stewart Gilliland said the company had 'worked tirelessly over a number of years to rebuild DG Americas into a more profitable and sustainable part of the Group' but that 'numerous external factors,' including shrinking demand for the category, impeded its progress. 'Compounding this, in light of recent events in North America and the evolving tariff situation, it has become clear that the headwinds facing the division are untenable,' he also said, adding that offloading the U.S. business was necessary to protect the overall company. Last week, DGA said it had $8.2 million or so of accessible cash-on-hand, which wasn't enough by itself to support its sale and wind-down. The company's portfolio boasts more than 50 product categories and brands, including some over a century old. Recommended Reading KidKraft files for Chapter 11 bankruptcy
