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Thread: Jo Ann's buyout?

  1. #26
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    From I heard/read joanns was bought out with in the past year by someone else and that is when the store started being better and making more profit. The "family" that owned and ran the company was not doing a good job and ran the company into debt. New owners helped turned it around and made company debt free. Hope the company that did the new byout does the same making the stores better. I have also seened that recently some of the snall stores in my area have gotten not stuff eventhough it makes the store seem crowded.

  2. #27
    Senior Member MamaHen's Avatar
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    One news report yestereday stated that Joann's has no debt. Unusual in these days. They must be doing something right!

  3. #28

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    Thank you, Cookiedal, for an upbeat note!

  4. #29
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    Speaking about buyouts has anyone heard about Hancock's fabric being bought out by Walmart?

  5. #30
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    Quote Originally Posted by cookiedal1
    Quote Originally Posted by akrogirl
    Buy-outs by groups like this, only interested in grabbing as much money as they can and with no genuine interest in the business, usually don't work out well. Very sad to hear this.
    I've worked in the retail industry for +40 years and buyouts like this are everyday occurences. The general public usually just doesn't hear about them. I actually have been through several of these buyouts and truthfully in almost all but one case this has proved to be a very good thing. Usually the capital provided by these companies allow for more and sometimes improved product in the stores, additional employees, remodeling, etc. I currently work for a major clothing retailer that has been in business since 1920 and has seen many changes and several changes of hands over the last 30 years. Most recently our company was was acquired by Golden Gate Capitol about 18 months ago. The only function they have or had has been to provide the financing to keep the company afloat during tough economic times. Because of their investment our company is strong and we are posting very impressive numbers, and I will see a nice bonus this quarter as a result. As far as I'm concerned Golden Gate can make as much profit as they can, because it means that I get to keep my job, which I love, at a wonderful company with a long and respected heritage. So let's hope the acquisition of JoAnns will be as positive as some of the acquisitions that I have gone through during my retail career. Sometimes, the only way for these retailers to survive at all is through a process like this. Personally I would rather see JoAnn's survive. Leonard Green also has investments in The Container Store, Petco, Davids Bridal, Neiman Marcus, Rite Aid, Whole Foods, and Aspen Dental.......some of the more recognized names.
    I'm glad your experiences have been positive. The buy-outs involving companies I have been involved with have been quite the opposite. Let's all hope for the best.

  6. #31
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    [quote=Nolee]
    Quote Originally Posted by omak
    Quote Originally Posted by akrogirl
    I do believe in plots, and I am thinking that the combination of no manufacturing to speak of in the US of almost any product + the fact that foreign companies own more companies (capital) than US companies cannot bode well for the American citizen.
    And it appears that those in charge of our government don't have the same logical sense that you do in seeing that coming, Akrogirl!! Frog in the frying pan and the water's ready to boil????
    Sorry, but that was not my quote, lol. However, I do agree that we have major, major problems ahead if we don't restore our manufacturing base.

  7. #32
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    Please remember business is what drives our economy. Cotton is a comotoy that has nearly doubled in the past yr, Of course investors are looking to cash in.
    I have stopped shopping at Jo ann's because of the rude and under trained staff. I hope their customer servive will improve.

    Happy Holidays to everyone!

  8. #33
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    Quote Originally Posted by Rebecca VLQ
    Who else does Leonard Green, et al. own though??
    From the NYT:
    Mr. Green left Gibbons, Green to start Leonard Green & Partners in 1989. Since then, the firm has invested in 52 companies worth some $44 billion. Its current portfolio carries a heavy dose of consumer names, including the Container Store, Davidís Bridal, Neiman Marcus, Sports Authority and Whole Foods Market

  9. #34
    Super Member C.Cal Quilt Girl's Avatar
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    Still not thinking this is such a bad thing, the more I think it could be a good thing. If looked at from an investors point of view: Brand recognition, Boomers have more time on their hands to play, many of these are Ladies and Gents with income to spend, as mentioned before and seen here, little grumbles, and how things could improve this situation, for the customer. Thats an easy fix.
    Probibly had to trim down in the last few years, sometimes for unseen reasons, have to show profitability,and the economys been a tough place, for retailers. Many times from whats noticed, many of these places expand by opening locations, could be, more jobs in the states and easier to find one to shop in.
    We in the states are spoiled by low prices thus the imports, and that's been going on for a long time. These folks have eggs are in many baskets and should have some buying power.
    One of the largest errors that have seen is computers, not people are running the show, LOL try explaining why a shopper would want 25 1/4 yd pieces, and the time/labor involved :)
    So all we can do is wait and see hope for the best :)

  10. #35
    Super Member weezie's Avatar
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    Quote Originally Posted by cookiedal1
    Quote Originally Posted by akrogirl
    Buy-outs by groups like this, only interested in grabbing as much money as they can and with no genuine interest in the business, usually don't work out well. Very sad to hear this.
    I've worked in the retail industry for +40 years and buyouts like this are everyday occurences. The general public usually just doesn't hear about them. I actually have been through several of these buyouts and truthfully in almost all but one case this has proved to be a very good thing. Usually the capital provided by these companies allow for more and sometimes improved product in the stores, additional employees, remodeling, etc. I currently work for a major clothing retailer that has been in business since 1920 and has seen many changes and several changes of hands over the last 30 years. Most recently our company was was acquired by Golden Gate Capitol about 18 months ago. The only function they have or had has been to provide the financing to keep the company afloat during tough economic times. Because of their investment our company is strong and we are posting very impressive numbers, and I will see a nice bonus this quarter as a result. As far as I'm concerned Golden Gate can make as much profit as they can, because it means that I get to keep my job, which I love, at a wonderful company with a long and respected heritage. So let's hope the acquisition of JoAnns will be as positive as some of the acquisitions that I have gone through during my retail career. Sometimes, the only way for these retailers to survive at all is through a process like this. Personally I would rather see JoAnn's survive. Leonard Green also has investments in The Container Store, Petco, Davids Bridal, Neiman Marcus, Rite Aid, Whole Foods, and Aspen Dental.......some of the more recognized names.
    Rite-Aid & Petco are in serious trouble here. The local Petco just closed or is in the process.

    When my boss sold his food brokerage company (family owned & prosperous for several decades), it re-sold 2 years later and closed it's doors completely a year after that.

    As regards Sears/K-Mart, many of those stores (both Sears & K-Mart) are in old, run-down buildings in old, run-down neighborhoods. As such, people won't shop in those stores, seriously jeopardizing Sears' ability to remain in business.

    Although I blame Joann's for driving away 3 excellent local fabric stores, I'm now worried about the Joann's that is a 10-minute drive from my house; I either shop there or I have to shop on-line.

  11. #36
    Super Member fabric whisperer's Avatar
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    I have been a long-time lurker here, and this one makes me speak up! :)

    I was a #2 manager at a local JAS -- I recently left because of the politics. I heard many people mention untrained staff, long lines, fabric quality, overworked staff... I am not allowed to divulge too much, but since I quit, I can finally speak up a little.

    I am hoping this buyout will really rattle things in a positive way. "Corporate" mandated "making budget" everyday. They wanted us to convince customers to buy more/highercost items... BS your way in if you have to. Sorry, I had morals, and left the company. (I would not toss 5 extra skeins of yarn into that 80-y.o. lady's basket to make her buy more!)

    Corporate would set a magical $ amount for our store; budget not met daily = employee hour cut to "make budget". What did this mean? Two-man coverage at smaller stores for most of the day, and we were still expected to get stock out, help customers, cut orders, run register, clean the store, setup new plan-o-grams (sectional product layouts), etc. If the standard work didn't get done during our normal shift, we managers would get written up. Nevermind that I didn't get to finish a plan-o-gram because I was busy helping customers -- my philosophy has always been "if I don't help my customer, someone else will -- without happy customers, there is no business".

    Needless to say, mgmt positions are very stressful at JAS, and if nothing else, I hope this company actually will let the managers have more staff hours to that the stores can be brought back up to par. Please understand, my District Manager chewed me a new one, in front of customers, because my new floral setup didn't get completed... I didn't get it done because we were busy with customers until 5 minutes before close... Needless to say, I chose to help the customers!

    I agree the fabric quality has declined, many fabrics they are now selling are from China -- thin, damaged bolts upon delivery, I have sewn for over 30 years, and I wouldn't buy them. But they do also have the better quality stuff, you just have to know where to look. They still sell RJR, Hoffman, Springs / VIP, Kona, many great names. I was the merchandising manager and took my job & store very seriously, I was constantly complimented on good selection / well stocked / clean store while I was in charge. I am a scrapbooker, painter, sewer, quilter, crocheter, musician, and 4th generation artist. My store now looks like doodoo since I left, the new merch mgr just wanted the higher paycheck, she doesn't care about aesthetics or what the customer wants.

    I hope it will be a good thing. Oh, BTW the "no debt thing" -- they got out of debt by making us run medium-sized stores with only 2 employees/shift for a long time. Meanwhile, corporate was building a "workout center" across from HQ for millions... Um, we are working ourselves into heart attacks while you're spending the cash-flow on a new rec center? That just wasn't cool IMHO.

  12. #37
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    I worked for Safeway Grocery store for years a lot of what you said sounds like my days at work needless to say the day the customer does not come first that is when the store will close everyone forgets that is where the pay check comes from Safeway are now closed so are a lot of other businesses than ran more chiefs than Indians sure hope that is not the way of JoAnns

  13. #38
    Senior Member RNUNU's Avatar
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    A couple of weeks ago .... one of the Topics for discussion, on the QB was bringing the attention to ...... "Noticing how much JoAnns fabric prices have been "inching-inching" upwards to becoming very noticable to those who buy fabrics for what we do". Some of the responses for this topic resulted in statements indicating the prices of "cotton" due to shortage in in the product commodity. I'm not saying this may or may not be the reason for the pricing surgering ..... however I am now thinking, with this news of "JoAnns Buy-Out", this may just have a lot to do with their big rise in fabric prices ..... which would not surprise me a bit! The "Big Money Mongers" keep getting richer by the minute .... with you and I having to learn to live with it.

  14. #39
    Super Member charmpacksplus's Avatar
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    I should have been buying stock instead of fabric :cry:

  15. #40
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    My experience with corporate buy-outs has not been positive. The new owners are only interested in quick return on their investment and frequently don't manage the company to ensure it continues as a viable business. Look for more Chinese-made merchandise as that is the fastest way to make more money.

  16. #41
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    Quote Originally Posted by charmpacksplus
    I should have been buying stock instead of fabric :cry:
    ROFLMBO~~~just what I was thinking when I first heard of this a few days ago.

  17. #42
    Super Member fabric whisperer's Avatar
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    Quote Originally Posted by granny6x13542
    Look for more Chinese-made merchandise as that is the fastest way to make more money.
    I would estimate that about 85% of the seasonal merch at JoAnn's is already made in China -- I washed my hands until they were raw when we had "seasonal sets" to change from one holiday or season to another. I always hated the wreaths / floral stuffs, because lord only knows what you breathed in over 8 hours of unpacking & setting up a new display. Christmas & summer stuffs are bad, too, mostly made in China, I was always worried about lead content leeching thru my skin.

  18. #43
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    OK...so how will that effect my gift certificate that DH just got me for Christmas....perhaps I should go down right after Christmas. If they get c**p in, I will only be able to get pins and needles. I can hope for the best. Oh, and Merry Christmas to all and to all a good night. fmd36 in NH

  19. #44
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    Thank you for your insightful post, Fabric Whisperer. As a long time sewer and now quilter I have frequented fabric stores for many years and can appreciate the hard work you have invested in making this an enjoyable hobby for many.

    Welcome to the board - I hope this will be a fun place for you and look forward to learning from you as well! BTW - is that a Bearded Dragon I see in your Avatar? ...my ten year old granddaughter wants one of those...her mama isn't so sure however :)

  20. #45
    Super Member AlwaysQuilting's Avatar
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    Quote Originally Posted by akrogirl
    Sorry, but that was not my quote, lol. However, I do agree that we have major, major problems ahead if we don't restore our manufacturing base.
    AMEN!!

  21. #46

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    fmd, from what I read, the earliest the deal could be finalized is mid-February, so probably no rush on that gift certificate.

  22. #47
    Senior Member RNUNU's Avatar
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    Quote Originally Posted by granny6x13542
    My experience with corporate buy-outs has not been positive. The new owners are only interested in quick return on their investment and frequently don't manage the company to ensure it continues as a viable business. Look for more Chinese-made merchandise as that is the fastest way to make more money.
    Your "absolutely" right ...... seen it happen all too often! There isn't "anything" these days you can buy or spend your hard earned $$$ on ..... that isn't made in China - Indonesia - Tiwan - or ?? .... we need to start taking our country back home where it belongs!

  23. #48
    Super Member fabric whisperer's Avatar
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    Quote Originally Posted by Midwestmary
    BTW - is that a Bearded Dragon I see in your Avatar? ...my ten year old granddaughter wants one of those...her mama isn't so sure however :)
    Yes, we have 5 ~ they are quite addicting, as are my textiles! They are phenomenal companions (expensive to setup) ... it is very important to learn the proper care info before getting one. I am an upstanding member on a board all about them, PM me and I will send you some info (for the mom). Most of ours are rescues, my avatar is my baby "Crash" - when he runs around he crashes into the piano, couch, etc. hence the name :) He loves to sit on my sewing table and "help me" haa haa.

    I have been lurking here for awhile, I look forward to being a good contributing member here too. Merry Christmas / Mele Kalikimaka

  24. #49
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    Hope they keep a store in our area

  25. #50
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    Well my husband said its just a bunch of inverstors and most likely nothing will change. Who knows. Just have to wait and watch.

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