Is Hobby Lobby Closing Stores? (2022 Facts)
Is Hobby Lobby closing stores? Why is there a rumor that the store is going to be going out of business? According to Hobby Lobby’s CEO David Green, the company is not going out of business in 2022. This rumor seems to have started from a Facebook post that has been shared over 50,000 times.
The post claims that all Hobby Lobby locations will be closed by January of 2022, but this is not true. In fact, Hobby Lobby has been steadily growing in recent years. In 2018, the company opened 55 new stores and plans to open 60 more in 2019. The company is also doing well financially, with a reported revenue of $4.8 billion in 2018.
Furthermore, Hobby Lobby has been raising employee wages for several years now. In 2017, the company raised its minimum wage to $15 an hour, and it plans to raise it to $17 an hour by 2020. While it’s always possible for a company to go out of business, there are no signs that this will be happening to Hobby Lobby any time soon.
How long has Hobby Lobby been in business?
Hobby Lobby has been in business for nearly 50 years. The company was founded in August 1972 by David Green, who opened the first store in Oklahoma City. However, Green and his wife had been working in the arts and crafts industry since 1970, when they began making custom frames from their home.
In the ensuing years, Hobby Lobby has become one of the leading retailers of arts and crafts supplies in the United States. The company now operates more than 800 stores across the country and employs more than 32,000 people.
Hobby Lobby is also a major force in the online retail market, with a comprehensive website that offers thousands of products for sale.
In recent years, Hobby Lobby has expanded its product offerings to include home decor, paper goods, and party supplies. The company’s commitment to providing quality products at competitive prices has helped it to become a trusted source for all of your craft and hobby needs.
Is Hobby Lobby closing stores permanently?
Currently, Hobby Lobby is not closing down its stores permanently. There are a few different reasons as to why people might think the store is no longer in business. The main source comes from early 2020 when the COVID-19 pandemic first hit the United States.
At this time, several states were issuing stay-at-home orders and Hobby Lobby refused to close its doors. The company stated that it was an essential business because it provided school supplies and fabrics.
However, a few weeks later in April, Hobby Lobby decided to close all of its stores and furloughed almost all employees without pay or benefits. Although the company is not currently closing down permanently, the future is uncertain due to the ongoing pandemic.
Is it true Hobby Lobby doing well financially?
It seems safe to say that Hobby Lobby is doing well financially. The company has been able to maintain a steady trend of store growth, even during times when other retailers have struggled. In addition, Hobby Lobby has continued to invest in its employees, raising the minimum wage on a regular basis.
Finally, the company’s lack of international expansion indicates that it is happy with its current customer base and does not feel the need to reach beyond its borders. All of these factors paint a picture of a healthy and thriving business.
Is it true that Hobby Lobby closed down and fired people?
In April 2020, in response to the worldwide crisis first being recorded in the country and different states issuing stay-at-home orders, Hobby Lobby closed all its stores and put nearly all of its employees on mandatory leave without pay.
The official statement the company put out at the time did not mention that the employees had been fired; as far as can be determined, the employees were furloughed and returned to the stores when they reopened shortly after in July.
This move by Hobby Lobby was criticized by some who saw it as an opportunistic way to avoid paying its employees while still profiting from the sale of essential goods during the pandemic. However, others saw it as a necessary measure taken in response to an unprecedented situation. Either way, it is clear that the company's decision had a significant impact on its workforce.
Despite rumors to the contrary, Hobby Lobby is not going out of business. In fact, the company has been steadily growing its store count and minimum wage in recent years.
While Hobby Lobby is not expanding into new markets at the moment, this is likely due to simple market saturation rather than any sign of financial trouble.
So, for anyone who loves their crafting supplies and home decor, rest assured that Hobby Lobby is here to stay.
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