Jo-Ann shareholders approve equity firm deal

HTT Staff -- Home Textiles Today, 3/18/2011 2:20:38 PM

Hudson, Ohio - Jo-Ann Stores' shareholders voted in favor of a $1.6 billion buyout from Leonard Green & Partners, 99% giving their approval to the transaction.
Shareholders will receive $61 in cash for each share of common stock they hold. Jo-Ann will become a private company.
The fabrics and crafts retailer has 751 stores in 48 states. Leonard Green and its affiliates also own Whole Foods Market, PETCO Animal Supplies, Leslie's Poolmart, Sports Authority, The Container Store, Tourneau, David's Bridal, Neiman Marcus Group, Jetro Cash & Carry and Tire Rack, among other properties.