cookiedal1

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.

Mkotch

Well, this may be good. I had heard that Joann's was associated with Walmart - ugh!

Midwestmary

Change can be hard...I still miss places like Northwest Fabrics and mail ordering from LeeWards...anyone remember Lee Wards? Our local Joann's is small and crowded - I do hope this will be a good thing for the employees and consumers alike. Cookiedal1 - thanks for your perspective from inside the retailing industry.

Tinabodina

Oh yes, I remember Lee Wards. Change is going on everywhere in the retail business. Let's hope JoAnn's is not one of those that will disapear in our future. Let's also hope that the quality of the fabric gets better. I don't think it could go to much lower.

Mema Sandy

Things are always changing,good or bad we seem to go with the flow.I buy most of my fabric at Hobby Lobby & they are also changing a lot.

bigsister63

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.

MamaHen

One news report yestereday stated that Joann's has no debt. Unusual in these days. They must be doing something right!

Calico92402

Thank you, Cookiedal, for an upbeat note!

ladydi64

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

akrogirl

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.