An industry leader in specialty fabrics & craft retailer JoAnn ,Inc has just release that they have entered into a definitive agreement to be acquired be an affiliate private equity firm Leonard Green & Partners, L.P., for about $1.6 billion in cash. Jo-Ann's board unanimously approved the deal, but the company is allowed to seek alternative proposals through Feb. 14. The acquisition is expected to close in the first half of 2011 if the majority of Jo-Ann stockholders approve the transaction.
After all the dollars & cents I think the biggest concern of all is what’s next? Will things at one of our favorite craft store change for the better? I’m keeping my fingers crossed the better.
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