Crafting chain Joann, known for its sewing and fabrics offerings, has announced plans to close approximately 500 stores nationwide as part of a Chapter 11 bankruptcy filing. The closures are set to begin with going-out-of-business sales starting on February 15, impacting locations across the U.S., including 26 stores in Illinois, majority in the Chicago suburbs. This decision comes amidst a wave of closures by major chains like Walgreens, Kohl’s, Party City, and Paper Source.
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White House Keeps Pressure on Powell Over Rate Cuts and Renovations
The White House continues to pressure Federal Reserve Chair Jerome H. Powell amid accusations of economic mismanagement and a $2.5 billion renovation overrun at the Fed's headquarters. President Trump criticized Powell for not cutting interest rates as demanded, suggesting political motivations behind the Fed's decisions, while top administration officials explore ways to remove him before his term ends. Want More Context? 🔎
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