Morning Business Report: Joann announces it will shut down all of its stores

Fabric and craft retailer Joann has announced it will shut down all of its stores, marking the end of an era for the popular chain.

(LILAMAX)- Fabric and craft retailer Joann has announced it will shut down all of its stores, marking the end of an era for the popular chain. The company, which filed for bankruptcy in January for the second time in less than a year, initially planned to keep its locations open while working to pay down debt. However, on Monday, Joann reversed course and confirmed that all stores will close permanently. Many locations have already begun going-out-of-business sales.

Major changes continue at Starbucks, as the coffee giant announced it will lay off 1,100 workers and remove 13 drinks from its menu. Among the discontinued items are nine Frappuccino flavors, though the company has not yet revealed which specific drinks will be axed.

Stocks remain volatile as investors react to market shifts. The Dow Jones Industrial Average managed to close 33 points higher on Monday, but the Nasdaq tumbled more than 200 points, reflecting ongoing uncertainty in the tech sector.

Consumers have been vocal about frustrations with in-store shopping, citing reduced staff, locked displays, and long self-checkout lines. Now, a new concern is emerging: empty shelves. According to The Wall Street Journal, the rise of online shopping has diverted inventory away from physical stores, leaving them with fewer products available for in-person customers.

A new Talker Research survey finds that seven in 10 Americans support banning cell phones in schools. The breakdown shows 54% support a ban in elementary schools, 49% in middle schools, and 45% in high schools. The main reasons cited include concerns over classroom distractions and the impact on education, as well as broader worries about excessive screen time for children.