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Posted by BEI Design on March 20, 2008, 2:43 pm
lorraine palewski wrote:
> -------------------------------------
>
> I have heard rumor that Jo Anns Fabric stors is filing or
> has filed bankruptcy.
http://www.fundinguniverse.com/company-histories/JoAnn-Stores-Inc-Company-History.html
"Jo-Ann celebrated its 60th anniversary in 2003 as a
profitable company. A total of 892 stores, including 806
traditional stores and 86 superstores, brought in a net
income of $41 million. The company's debt-to-total capital
ratio reached 24.7 percent, the goal set three years
previous in Jo-Ann's recovery plan. By the beginning of
2005, the company operated 851 stores, including 737
traditional outlets and 114 superstores, which brought in a
net income $46.2 million in 2004. Steady increases in sales
brought about the need for another distribution center.
Scheduled to open in 2006 the $45 million,
700,000-square-foot center in Opalika, AL, represented a
major investment in cutting-edge distribution technology for
Jo-Ann. The center, which was designed move a third of the
company's inventory, served developing markets in Texas and
other southern states; Jo-Ann was not going to repeat the
inventory fiasco that followed its first major push into the
superstore concept."
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