Core Insights - The arts and crafts supply retail sector has experienced significant store closures over the past five years due to various factors, including ownership retirements and financial distress [1] - Joann filed for Chapter 11 bankruptcy in January 2025 for the second time, leading to the closure of approximately 815 stores due to declining sales and inventory challenges [2] - The closure of Joann's stores had a detrimental impact on suppliers like IG Design Group Americas Inc., which subsequently filed for Chapter 11 bankruptcy on July 3, 2025 [3][4] - Artist & Craftsman Supply, a 40-year-old retail chain, also filed for Chapter 11 bankruptcy to reorganize its business amid economic challenges and tight lending restrictions [5] - The parent company of Artist & Craftsman Supply, Artstock, reported assets and liabilities between $10 million and $50 million, with significant debts owed to various creditors [6] - Artist & Craftsman Supply was established in 1985, originally as a small art supply store, during a time when the arts and crafts retail industry was primarily composed of independent storefronts [7] - Catalog sales were a major competitor for the company in its early years, as internet sales were not prevalent until about a decade later [8]