Is Hobby Lobby Going Out Of Business 2022? (+ Other Faqs)
With Hobby Lobby known for being in many controversies, it makes sense for people to assume that the company is on its way out of business.
Hobby Lobby is Going out of Business in 2022
Hobby Lobby has not declared bankruptcy in 2022. This was determined by looking at the company’s store growth, which has gone up in recent years. Hobby Lobby continues to increase employee salaries, which is good news for its finances. Most reports of Hobby Lobby closing down can be traced back at a Facebook scam.
How Long Has Hobby Lobby Been in Business?
Hobby Lobby has been in business since August 1972 when the founder, David Green, opened the company’s first store in Oklahoma City.
The wife of the founder was an artist and her husband had made frames in their home from scratch since 1970.
Hobby Lobby Is Doing Financially Well?
Hobby Lobby doesn’t release financial reports. It’s not clear how Hobby Lobby’s finances look. However, we can examine other factors and make a guess.
However, despite the fact that the company closed many of its stores, the overall store count has increased in recent years.
As an example, the number of stores has increased from around 840 at the beginning 2019 to nearly 900 by today’s standards.
Hobby Lobby also continues its tradition of increasing the minimum wages, which was increased to $18.50/hour in the last change.
It also ships only to 48 US states, and does not offer international shipping. This indicates that the company is comfortable with its existing market and customers.
Hobby Lobby Closes Stores Permanently
Hobby Lobby won’t close its stores forever, but it could have other causes.
One of the sources comes from early 2020 during the period when one worldwide event was first being detected in several places across the country, and stay-at-home orders were being issued.
Hobby Lobby refused to shut down initially, saying that it was an important business as it supplied school supplies and fabric.
The company changed its stance at the beginning of April when it shut down all stores and laid off almost all workers without any pay or benefits.
When the company made this announcement, the news was spread incorrectly across social media, with some people interpreting it as the business closing down permanently.
One year later, another Facebook post spread the news about Hobby Lobby’s permanent closure.
It used the letter written in USA TODAY by David Green, CEO of the company.
This letter announced that the company was taking the federal government to court so it wouldn’t have to cover an employee’s birth control.
The words of this column were used in the following post. However, it has been distorted to appear that it was written just recently or as a response to current events.
To start, there were references in the article to the “liberal medium” which weren’t made.
This was followed up by an insistence that readers share the post. This happens when misinformation is spread virally on social media.
Post titled Hobby Lobby, We May Close was widely shared and liked by many. Facebook eventually had to get involved. Politifact also verified the authenticity of this post.
Hobby Lobby was still open and in business long after it closed in April 2020, when this article appeared.
Concerning the suit the company brought against the government in 2014, it was settled and the company wasn’t forced to close down.
Hobby Lobby Closes in Fargo
Hobby Lobby will not be closing Fargo, according to all information. Hobby Lobby opened the Fargo branch at 4427 13th Ave. back in 2003. This seems to have worked well.
Read our other posts to find out more: Hobby Lobby hours, pricing match Hobby Lobby products, why Hobby Lobby shuts down on Sundays.
Hobby Lobby has not been insolvent for a long time. In fact, it is growing its retail presence over the years.
Hobby Lobby also isn’t expanding into new markets. That is probably an indication that Hobby Lobby doesn’t have to.
Because of widespread misinformation and social media posts, many believe the company is closing. However, these rumours have since been debunked.
Who bought Hobby Lobby’s products?
Hobby Lobby Stores Owned by Whom?
How Many Employees Does Hobby Lobby Have?
Hobby Lobby Stock Market Traded?
Hobby Lobby does not trade publicly and has no plans to do so in the near future.
.Is Hobby Lobby Going Out Of Business 2022? (+ Other Faqs)