Changes ahead for Joanns???

magothyrivergirlDecember 23, 2010

BOSTON (MarketWatch) -- Shares of Jo-Ann Stores Inc. /quotes/comstock/13*!jas/quotes/nls/jas (JAS 60.33, +14.70, +32.22%) soared 34% in premarket trade Thursday on news that the fabrics and crafts retailer will be acquired by an affiliate of private-equity firm Leonard Green & Partners LP for about $1.6 billion, or $61 a share, in cash. Jo-Ann's board has approved the deal and is recommending that shareholders adopt the agreement. The acquisition is expected to close in the first half of calendar 2011, subject to customary closing conditions. Under terms of the agreement, the retailer's board will also be allowed to solicit other proposals through Feb. 14. Shares of Jo-Ann Stores closed Wednesday at $45.63.

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sunnycentralFL

Thanks for posting!

Gwen

    Bookmark   December 23, 2010 at 5:22PM
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nannykins

Maybe the new managers will allow mailing to Canada.
Lots of bargains etc. but cannot be mailed here. Drat!!!

    Bookmark   December 23, 2010 at 7:29PM
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finchelover

Yes it's true. I was out of town for few hours this morning and went into Joann's and so I asked and was told it was true and they just heard a few days ago. I guess we wait and see what happens.

    Bookmark   December 28, 2010 at 1:41PM
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K8Orlando

This company has a history of buying successful organizations and not making many changes. The investors seem to be happy with the transaction but if I were an employee it would probably make me nervous!

    Bookmark   December 28, 2010 at 5:38PM
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magothyrivergirl

Kate - I read basically the same thing about the investors.
We all want better customer service - that's what i am hoping for!

    Bookmark   December 28, 2010 at 8:15PM
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imrainey

nannykins-

Are you anywhere where you could do your ordering to a US post office box?

When I lived in BC lots of people kept US post office boxes in WA and did most of their mailing (even the stuff going to other Canadian cities I think if my memory isn't too rusty) from the US. At least at that time US postal services were cheaper than Postes Canada Post. People bought their milk and gassed their cars when they made a weekly or bi-weekly run for the same reason.

    Bookmark   December 30, 2010 at 12:25AM
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nannykins

We are in Windsor, just 3 minutes by tunnel to Detroit, where there are many JoAnn stores. However I don't like driving there so we do not go over. One of my sons was living in a D. suburb and everytime we visited, DIL and I would go shopping. And I did have an online order sent there, but son has relocated to France. There goes that option.
I do have a niece living in Mi. so I could have things sent there, I suppose.
So much easier if Joann's would mail here as Keepsake quilting and Hancock's do.

    Bookmark   December 31, 2010 at 11:54AM
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