Ohio-based Jo-Ann Stores sold for $1.6 billion | The Columbus Dispatch

Full story: Columbus Dispatch

Jo-Ann Stores Inc. is being bought by an affiliate of private equity firm Leonard Green & Partners LP for about $1.6 billion.
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1 - 12 of 12 Comments Last updated Nov 18, 2013
Bad pun

Wooster, OH

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#1
Dec 23, 2010
 

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Say it ain't sew!
b clinton

Columbus, OH

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#2
Dec 23, 2010
 

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sounds like the jo-ann management team is going to be looking for jobs!
Phil

Columbus, OH

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#3
Dec 23, 2010
 

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Bad pun wrote:
Say it ain't sew!
Your pun is leaving me in stitches!
Fizzy

Wadsworth, OH

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#4
Dec 23, 2010
 
Phil wrote:
<quoted text>
Your pun is leaving me in stitches!
Sew what! I heard a stitch in time saves nine
It is so

Dayton, OH

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#5
Dec 23, 2010
 

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The company owns many other companies including SportsAuthority. Maybe we can buy fabric and sporting goods together soon!
Sterling Silver

Grove City, OH

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#7
Dec 23, 2010
 

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Bad pun wrote:
Say it ain't sew!
Pretty crafty!!!

Since: Dec 10

Columbus, OH

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#8
Dec 23, 2010
 

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The deal is valued at $61 per share, a 34 percent premium to Jo-Ann's Wednesday closing price of $45.63.

This means - the company will be loaded with the debt (money borrowed to pay the premium)- debt leads to layoffs, and if cash flow cannot keep up with interest payments, then the Private Equity Thieves file for bankruptcy.

So if I was an employee of Jo-Ann's I would move my 401K to a Roth IRA, apply to find a position at another company ASAP before you are fired.
suburban grad

United States

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#9
Dec 23, 2010
 

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Step 1- Sell to private equity.

Step 2- Outsource the entire corporation to Asia.

Step 3- Resell corporation for 2-3 times what it first sold for.

Step 4- 2-5 more New Yorkers purchase $26M apartments on Central Park West.
An Employee of JoAnn

Columbus, OH

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#10
Mar 19, 2011
 

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What does this REALLY mean for their employees???? Our store is constantly under staffed and the customers... "guests"... are complaining. When we are under staffed we don't make our budget to staff the next week or when there is a BIG SALE... then we don't make budget... then we are under staffed... causing more guests to wait longer, get out of line, put back their selections and go home vowing to not come back which is WHY we don't make budget...(keep repeating as long as there is no change in this pattern). I see an economic cyclone forming.
worked for JoAnn

Clay City, KY

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#11
Nov 16, 2013
 

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They don't care about their employee's your just a number under paid and over worked. What the crap to sell stuff from China. I never seen a store go thru so many employees. Not worth working for or being a so called guest "NO SERVICE" after a long wait to buy China junk..
d pantz

Chicago, IL

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#12
Nov 17, 2013
 

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b clinton wrote:
sounds like the jo-ann management team is going to be looking for jobs!
that's what usually happens when corporations buy up competition, people lose jobs.

Since: Nov 12

Philippines

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#13
Nov 18, 2013
 
nice thread. thanks for sharing that information. it was very informative.
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