Jo Ann's buyout?

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12-24-2010, 08:05 PM

#61

cooper

Junior Member

Join Date: Jul 2010

Posts: 153

some company I have never heard of bought them out today, dont know what kind of business , it was in the austin, tx
business section of the paper

12-24-2010, 08:32 PM

#62

Pins n' Ndls

Senior Member

Join Date: Jan 2010

Location: Saugus, MA

Posts: 659

Quote:

Originally Posted by butterflies5518

I just saw on the news feed in our building that Jo Ann's agreed to a buy out? Anyone hear anything further??

I read that they have until Feb. 14th to hear other offers ? Not sure. We have something around 23 Joanns in Massachusetts.
Seems they have over 400 in all. I wish us all luck with the new owners !

12-25-2010, 04:36 AM

#63

golfer

Senior Member

Join Date: Apr 2009

Posts: 703

Thanks for the info. I will follow it on the Wall Street Journal if they report any transaction.

12-25-2010, 04:49 AM

#64

judylg

Super Member

Join Date: Jun 2010

Posts: 1,325

Quote:

Originally Posted by charmpacksplus

I should have been buying stock instead of fabric :cry:

Me, too!

12-25-2010, 05:38 AM

#65

JuneD

Senior Member

Join Date: Nov 2010

Location: Ohio

Posts: 323

I was grumbling about JoAnn's to DH and he said that most likely the equity company may be planning on selling off pieces of the stores or even as a whole. They could cut out expenses (which might include employees) so they can make a better profit off of the sale. They might keep the stores for a year or two before they sell.

I guess time will tell.

12-25-2010, 05:39 AM

#66

reginalovesfabric

Super Member

Join Date: Jan 2009

Location: Hattiesburg,MS 39402

Posts: 1,458

I hate to hear of buy outs, people lose their jobs

12-25-2010, 06:49 AM

#67

Anne T

Senior Member

Join Date: Nov 2006

Location: Catskill Mountains

Posts: 360

Hope it means good times for JoAnn, and that all the coupon values continue.

12-25-2010, 07:41 AM

#68

MamaHen

Senior Member

Join Date: Apr 2009

Location: North Florida

Posts: 976

Fabric Whisperer- I am so sorry that you had to give up a job you probably enjoyed for the sake of the bottom line for the higher ups. It seems that it is always the hard workers that end up loosing in the long run.

12-25-2010, 09:17 AM

#69

marknfran

Senior Member

Join Date: Dec 2010

Location: Mead, WA

Posts: 598

Quote:

Originally Posted by merridancer

Just remember that in any buy-out, the new owners have to have enough profit to pay off the debts that come with the buyout.....

There are no debts. Can you believe that?

12-25-2010, 04:30 PM

#70

Tweety2911

Power Poster

Join Date: Jun 2010

Location: New York

Posts: 17,564

Tis sad news indeed. Stock up while you can, I don't imagine the great coupons will continue to be available. I hope i am wrong. This is definitely a "wait and see".