Jo-Ann Shareholders Approve Equity Firm Deal
Home & Textiles Today Staff -- Home Textiles Today, May 5, 2011
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, The Container Store and Neiman Marcus Group, among other properties.
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