Joann joined Party City last week in receiving a downgrade into C-territory from S&P, in part on COVID-19 concerns.
S&P analysts Pasha Azadmard and Diya Iyer said they expect pressure on Joann's revenue for at least a full quarter, given that the retailer has already been forced by various government orders to close more than 45 of its stores.
"At stores that remain open, we expect steep traffic declines in the double-digit percent area in the coming weeks as consumers practice social distancing," the analysts said. . . . more