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New chief for JoAnn.com

By Staff -- Home Textiles Today, 4/26/2006 12:17:00 PM

El Segundo, Calif. -- IdeaForest, which operates Jo-Ann Stores’ www.JoAnn.com Web site, has named Diana Schulz ceo. She replaces founder and ceo Rich Bergsund, who is resigning to pursue new opportunities.

IdeaForest, founded in late 1999, formed a strategic alliance with Jo-Ann Stores to operate the craft and fabric retailer’s site and received funding from institutional investors Rustic Canyon Partners, Allegis Capital and North Castle Partners.

Schulz joins IdeaForest after seven years at Universal Studios, most recently as svp corporate development and strategic planning. Prior to Universal, she was a consultant at McKinsey and Co.

"I am incredibly proud of what the IdeaForest team and our friends at Jo-Ann Stores have built," Bergsund said. "We've achieved scale and market leadership, strong profitability and cash flow, and our rate of growth remains high with revenues up over 50% in 2005."

Alan Rosskamm, president and ceo of Jo-Ann Stores, said Schulz’s mission is to make the site "even more robust in terms of both additional products and content for the creative enthusiast."

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