Jo-Ann Stores, Inc. (NYSE: JAS) (the "Company") today announced that its Board of Directors has scheduled a special meeting of its shareholders to consider and vote upon the proposal to adopt a merger agreement between the Company and an affiliate of Leonard Green & Partners, L.P. Jo-Ann Stores shareholders of record at the close of business on February 16, 2011, will be entitled to notice of the special meeting and the opportunity to vote on the proposed transaction. The special meeting is scheduled to be held on March 18, 2011.
Despite an active and extensive solicitation of potentially interested parties in connection with the “go-shop” period since the announcement of the merger agreement, the Company did not receive any alternative acquisition proposals.
If the acquisition is approved by the holders of a majority of Jo-Ann Stores’ shares of common stock, the transaction is expected to close by the end of March 2011. The transaction is subject to customary closing conditions, but is not subject to any condition with regard to the financing of the transaction.
Jo-Ann Stores has filed a preliminary proxy statement with the SEC which contains detailed information about the transaction and the board and special committee process. The definitive proxy statement is expected to be filed with the SEC and mailed to shareholders of record on approximately February 17, 2011.About Jo-Ann Stores, Inc. Jo-Ann Stores, Inc. ( www.joann.com) is the nation's largest specialty retailer of fabrics and one of the largest specialty retailers of crafts, operating 751 stores in 48 states. About Leonard Green & Partners, L.P. Leonard Green & Partners is a leading private equity firm with over $9 billion in equity capital under management. Based in Los Angeles, Leonard Green & Partners invests in market leading companies across a range of industries. Significant current retail investments include Whole Foods Market, PETCO Animal Supplies, Leslie's Poolmart, Sports Authority, The Container Store, Tourneau, David's Bridal, Neiman Marcus Group, Jetro Cash & Carry and Tire Rack.