I was reminded of this storage method when I recently re-found this pant hanger in my house.
It actually looked like this when I purchased it, years ago (but still available). I removed the foam grips so that the ribbon spools would fit onto the bars.
I tidied up each spool (most were almost all the way unwound - I am hanging my head in shame - and knotted with other ribbons) and stuck a straight pin into them to keep them tidy and from unwinding on the hanger.
I quickly filled up most of the hanger.
Loose ribbon that was more than a couple of feet long, was wrapped around the bottom (stationary) bar of the hanger. It worked out perfectly.
Now I just need to clean out the closet in my scraproom to make space for this! :)
Have a great day!