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Jo-Ann grabs three leases in TX

Jo-Ann Stores has acquired the leases on three stores in the Dallas-Fort Worth market from MJDesigns and will open its superstores at the locations.

MJDesigns, a Texas-based arts and crafts retailer, has been operating under Chapter 11 bankruptcy protection since December 13, 2002. The transaction, for an undisclosed sum, was approved last week by the U.S. Bankruptcy Court for the Northern District of Texas.

The three stores, which had annual combined revenues of $16 million in the last full fiscal year of operation under MJDesigns, are currently running court-approved liquidation sales.

Jo-Ann expects to take possession of the stores in late April or early May. The stores will be remodeled, remerchandised and reopened as Jo-Ann superstores later this year.

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