Jo-Ann Stores

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Jo-Ann Stores Inc.
Private
IndustryCrafts and fabrics
FoundedCleveland, Ohio (1943)
HeadquartersHudson, Ohio, U.S.
Number of locations
~850[1]
Key people
Wade Miquelon (CEO)
OwnerLeonard Green & Partners
Number of employees
23,000
Websitewww.joann.com
A typical Jo-Ann store, in Henderson, Nevada
Jo-Ann store on US 1 in Saugus, Massachusetts

Jo-Ann Stores, Inc. is an American specialty retailer of crafts and fabrics based in Hudson, Ohio. It operates the retail chains JOANN Fabrics and Crafts and Jo-Ann Etc. The headquarters of the company is located in the former General Motors Terex plant.

History[edit]

Founding[edit]

In 1943, German immigrants Hilda and Berthold Reich, Sigmund and Mathilda Rohrbach, and Justin and Alma Zimmerman opened the Cleveland Fabric Shop in Cleveland, Ohio. After further expansion, in 1963, the name was changed to Jo-Ann Fabrics. The store's name was created by combining the names of the daughters from both families: Joan and Jacqueline Ann. [2]

Fabri-Centers of America Inc.[edit]

In 1969, Jo-Ann Fabrics became a publicly held corporation traded on the American Stock Exchange under the name of Fabri-Centers of America, Inc. In 1994, the company made its first acquisition with the purchase of Cloth World, a 342-store southern company. At the time of the acquisition, Fabri-Centers operated 655 stores.[2]

In 1997, Fabri-Centers settled for $3.3 million on Federal charges that it had misled investors in 1992 by overstating its earnings before it sold securities. CEO Alan D. Rosskamm, grandson of Hilda and Berthold Reich, settled a related administrative complaint as well.[3][2]

Jo-Ann Stores Inc.[edit]

In 1998, Fabri-Centers acquired House of Fabrics, which also previously operated as Fabricland, Fabric King, and So-Fro Fabrics.[4] In September 1998, the company changed its name to Jo-Ann Stores Inc.,[5] and all of its stores were renamed Jo-Ann Fabrics.

In 2006, Darrell Webb became Chairman and CEO of Jo-Ann Fabrics.[2]

On December 23, 2010, Jo-Ann Stores announced plans to sell out to private equity firm Leonard Green for $1.6 billion and was delisted from the stock exchange in March 2011.[6][7] In 2011, Darrell Webb resigned and Travis Smith was promoted to CEO after joining the company in 2006.[8] In 2014, Travis Smith announced his resignation and the company's CFO, Jim Kerr, agreed to become CEO until a replacement was found.[9]

In 2015, the company named Jill Soltau as president, chief executive officer and a member of the company board of directors.[10] Under Soltau's leadership, the retailer opposed President Trump's tariffs citing American manufacturers not being able to meet Jo-Ann's quality or volume needs.[11] She joined seven other retail CEOs at a meeting with the administration where they discussed how the tariff would raise consumer prices and hurt businesses.[12][13][14] In 2018, Jo-Ann Stores rebranded to "Joann" as a way to move beyond fabrics and encompass more craft.[15]

In 2018, Soltau left Jo-Ann Stores and in 2019 Wade Miquelon became President, CEO, and a member of the Board of Directors.[16]

In 2019, Jo-Ann partnered with GoldieBlox for a monthly subscription box called the GoldieBlox Box to help children ages 8 and up to develop STEM skills.[17]

References[edit]

  1. ^ "Craft retailer emphasizing sharing, technology in new test store". www.bizjournals.com. 13 June 2018. Retrieved 2019-09-03.
  2. ^ a b c d Cho, Janet H. (December 24, 2010). "Sixty-seven years of fabrics and crafts". cleveland.com. Retrieved September 3, 2019.
  3. ^ Eaton, Leslie (1997-02-19). "Fabri-Centers Agrees to Pay $3 Million to Settle Charges". The New York Times. ISSN 0362-4331. Retrieved 2019-04-25.
  4. ^ "House of Fabrics to Be Sold to Rival Retailer for $100 Million". Los Angeles Times. 1998-02-02. Retrieved 2019-09-03.
  5. ^ "Fabri-Centers changes name". www.bizjournals.com. 1 September 1998. Retrieved 2019-09-03.
  6. ^ Carter, Adrienne; Cane, Jeffrey (23 December 2011). "Leonard Green Offers $1.6 Billion for Jo-Ann Stores". The New York Times. Retrieved 2 July 2011.
  7. ^ Seth, Shobhit. "10 Most Famous Public Companies That Went Private". Investopedia. Retrieved 2019-04-25.
  8. ^ Cho, Janet H. (2014-08-13). "Jo-Ann Stores' President and CEO Travis Smith steps down". cleveland.com. Retrieved 2019-04-25.
  9. ^ "Jo-Ann Fabric and Craft Stores says President and CEO Travis Smith has stepped down". Associated Press. 2015-03-24. Retrieved 2020-01-06.
  10. ^ Dealer, Plain (2015-02-13). "Jill Soltau named new Jo-Ann stores president, CEO". cleveland.com. Retrieved 2019-04-25.
  11. ^ Insider, Kate Taylor, Business. "JCPenney stole the CEO of Joann Stores as she was in the midst of mounting a furious campaign against Trump's tariffs". INSIDER. Retrieved 2019-09-03.
  12. ^ "Yarn and Fabric Stay on Trump's Tariff List Despite Crafters' Pleas". Bloomberg. 2019-04-25. Retrieved 2019-04-25.
  13. ^ Feloni, Richard. "Here are the 8 retail CEOs who met with Trump to discuss stopping the border tax". Business Insider. Retrieved 2019-04-25.
  14. ^ "Exclusive: Retail CEOs to meet Trump in bid to kill U.S. border tax". Reuters. 2017-02-15. Retrieved 2019-04-25.
  15. ^ "Following Its Rebrand, Joann Is No Longer Your Mom's Fabric Store". www.adweek.com. Retrieved 2019-04-25.
  16. ^ Grzelewski, Jordyn; Dealer, The Plain (2019-02-05). "JoAnn Stores names new CEO". cleveland. Retrieved 2020-01-06.
  17. ^ "Joann puts brainy spin on subscription model". Chain Store Age. Retrieved 2020-01-06.

External links[edit]