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Jo-Ann to acquire web site

Hudson, Ohio – Jo-Ann stores today announced it will acquire the remaining 62% interest in IdeaForest.com, the parent company of seven-year-old web site Joann.com.

“Our site combines inspiration and commerce to make Joann.com the creative industry leader online," said Darrell Webb, chairman, president, and ceo of Jo-Ann Stores, Inc. "By more closely integrating the online business with our brick and mortar stores, we will not only improve customer satisfaction, but also deliver earnings accretion for shareholders."

"This is a great opportunity for Jo-Ann to bring our neighborhood stores to life online," said Travis Smith, executive vice president, merchandising and marketing. "We will continue to inspire our online customers with project ideas and great merchandise, while also aligning the Web site to be more reflective of the Jo-Ann brand."

Joann.com attracts an average of two million unique visitors per month and offers 65,000 products, including fabric, sewing and quilting items, scrapbooking supplies, crafts, knitting and crochet materials, and home decor goods.

Joann.com was ranked the 208th online retailer and the number one e-commerce craft retailer in Internet Retailers' Top 500 for 2007.

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