As far as JoAnn's being bought by PetCo, it's almost the truth. They have been bought by Leonard Green and Partners. If you check out their website you will see they are an investment company.
http://www.leonardgreen.com/retail.htm
They own many companies including, The Container Store, Petco , Wholefoods, Neiman Marcus group. Maybe it will be a good thing that they bought JoAnn's - IF the quality goes up with the prices. If not - they won't be getting any more of my money.