Thursday, December 23, 2010

News Flash

JoAnn's Buyout!

Maybe you know this already but...I just heard it on the news. Since I live less than 30min. away from JoAnn's headquarters thought I'd share what the local press is saying. http://www.cleveland.com/business/index.ssf/2010/12/jo-ann_stores_going_private_in.html

Good news? Bad news? What do you think? Well, who's thinking about that kind of stuff now anyway? I'm just trying to figure out if I should make my buttonholes (for my Christmas Eve outfit blouse) tonight or tomorrow. Just saw the clock. It will be tomorrow.

Happy hope-you-find-time-to-sew Holidays to all!

3 comments:

Sharon said...

I read that yesterday also. Honestly, I'm not sure yet if it's good or bad news. Guess we'll find out soon enough, right?

Merry Christmas(or if you prefer Happy Holidays) to you!

Carolyn (cmarie12) said...

After the reading the article, I believe it just means that JoAnns will no longer be a public company traded on the stock market. That the private equity group bought and will finance Joann's...sort of like what happened to Macy's a few years ago. They bought out all their stock and went private. It allows a company to grow and change without stockholders demanding a profit being paid to them at the end of every year.

Hopefully this will mean that the craft store will get better!

Taki J said...

As long as I keep getting my coupons in the mail and the prices don't go up then it is fine for me.