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March 2011
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Jo-Ann Stores Shareholders Approve Merger

On Friday, March 18th the shareholders of Jo-Ann Stores, Inc. approved a $1.6 billion merger with private equity firm Leonard Green & Associates that was proposed last December.  According to Footnoted, Jo-Ann’s Chairman/CEO Darrell Webb stands to receive more than $29 million once the merger occurs, and if he is asked to leave his job within two years after the merger he will also receive an additional $8 million.  With approximately 82% of shareholders voting, 99% were in favor of the merger agreement.

Jo-Ann’s operates 751 stores in 48 states, and Leonard Green & Associates is invested in The Container Store, Neiman Marcus Group, Sports Authority, David’s Bridal, and Whole Foods Market and has also agreed to purchase J. Crew for $3 billion.

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Comments

4 Responses to “Jo-Ann Stores Shareholders Approve Merger”

  1. Alberta Banks says:

    Good afternoon, I always enjoy the information that is on this page. I am starting an Sewing and Alteration business. I do not have a website as of yet. Please advise me of a company that can create a website and webpage for me that does not cost much.

    Alberta Banks

  2. JCBB says:

    What does all of this MEAN? could you please perhaps post a follow-up? How will that affect store operations? I know the nearest Jo-Ann’s to me needs instructors but is TOO BUSY to take the time to even hire. I’ve sent my info down there twice within a 6 month period, spoke to the Education Coordinator (person who schedules classes) and she was suppose to set up a meeting with the store manager, her, and myself. Never happened. Never heard back. Hard to get her at store–works different hours, no voice mail, no email at the store. A MESS

  3. I’m pretty sure that we’ll see at least a few more months of turmoil until the whole merger deal is settled, but after that I’m thinking they’ll be “getting back to business”. The purchase price is high because the company is solid so they’re not going away :)

  4. Alberta, we use 1&1 for hosting and like them very much – they also have templates and things that you can setup yourself, or you could try putting your web design job up for bid at Elance.com where you’ll get a number of designers to choose from.

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