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I'm a Wal-Mart shopper simply because it fits my life style and budget. When people tell me they shop at Dillards or Macy's - I say "good for you". I can't afford them. And I won't shop there just so I can say "I shop at Dillards".
The same goes for JoAnn's. It's what I can afford and it makes me happy. I tried a personal boycot of Wal-Mart a while ago, but soon found I couldn't find the things I need or want anywhere else. Is this because they have inticed all shoppers so that all the other stores have closed up shop? |
IMO, inflation has already started. If the U.S. currency is no longer used as the world reserve currency - as the World Bank and United Nations plans to change - it will be the end of "hobby" quilting for most of us retired people on fixed income. For me, it will mean recycling fabric from clothes to sew more clothes. (I can do that!) Sale coupons won't even be an issue. The next 2 years will be interesting and challenging. Hang on for the ride.
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Originally Posted by AlwaysQuilting
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.
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Originally Posted by glenda5253
Originally Posted by AlwaysQuilting
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.
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It's called "Corporate Raiding" under the name of buy-out... Their statement, “Our investment philosophy is to target cash flow positive businesses that have the ability to grow by at least 50 percent over a five-year period,” proves it. They are only after the cash... A lot of this went on in the 70s and tons of businesses went belly up or went under poor/strangulating managements. Eastern Airlines was one of the biggest targets. It was sold off bit by bit...
However, on a positive note, I hope this truly turns out better for everyone, especially employees involved.
Originally Posted by Momma_K
(Post 2100785)
I Googled it!
Shopping’s Buyout Shop of the Moment By DEALBOOK Retailers have been prominent buyout targets again this year, and one private equity firm has been particularly busy: Leonard Green & Partners. Leonard Green’s $1.6 billion deal for Jo-Ann Stores on Thursday follows fast on the heels of the $3 billion deal for J. Crew by the firm and TPG Capital. Leonard Green, a Los Angeles-based buyout shop, has been a buyer in 15 transactions so far this year, according to Capital IQ. The J. Crew buyout is its biggest. Earlier in the year, the firm had been linked to speculation swirling around a buyout offer for BJ’s Wholesale Club. Leonard Green has a long history in investing in retail and consumer brands. The firm’s namesake founder was one of the pioneers in the buyout business. Leonard Green and Edward Gibbons, who were both executives of McDonnell & Company, a brokerage firm, founded Gibbons, Green, van Amerongen, a New York firm that specialized in management-led buyouts, in 1969. Among its deals was the $450 million acquisition of Foodmaker from Ralston Purina in 1985 and the $520 million buyout of Budget Rent-a-Car from Transamerica in 1986. Mr. Green left the firm in 1989 to establish his own Los Angeles-based shop, Leonard Green & Partners. The firm has invested in 52 companies with a total value of $44 billion since 1989. Mr. Green, who was also a major patron of opera in Los Angeles, died in 2002 at the age of 68. Today, the firm says it has $9 billion in equity capital under management. Its three managing partners, John G. Danhakl, Peter J. Nolan and Jonathan Sokoloff, have worked together since 1986, according to the firm’s Web site. Leonard Green says it is able to complete deals of as much as $5 billion in enterprise value but that most transactions will be $500 million to $2 billion. “Our investment philosophy is to target cash flow positive businesses that have the ability to grow by at least 50 percent over a five-year period,” it says. |
Maybe it will be a good thing and the quality of the products they sell will improve without a huge price jump.
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Originally Posted by mmlctnp
(Post 2107933)
I looked it up. LGP investments own the following: Whole Foods, Petco, Tourneau watches, Sports Authority, Rite Aid, Neman Marcus, Equinox, DelTaco, David's Bridal and The Container Store. Good Grief. They have $9 billion in equity capital.
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This thread is 3 years old...
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Originally Posted by gale
(Post 6491469)
This thread is 3 years old...
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I wonder what their purpose is in just buying and buying. More and more of America is owned by huge, impersonal conglomerates. More reasons to support my local quilt store.
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Originally Posted by bigsister63
(Post 6491708)
YES this thread is 3YR old! Is this a new rumor?
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And just FYI, Leonard Green & Partners LP bought out JoAnn's Fabrics and Crafts in January 2011 for an estimated $1.6 billion, taking it into private ownership (this according to Forbes, below).
http://www.forbes.com/companies/jo-ann-stores/ Other companies owned by Leonard Green (a huge private equity firm) include Whole Foods Market, PetCo, Rite Aid, David's Bridal, The Container Store, Sports Authority, and FTD Group Inc. |
I don't see how JoAnn's could get much worse, unless they start charging more for the inferior cottons they sale. There are very few premium cottons available there now. I avoid that place like the plague. We can always hope they will improve, carry better products and be a store you want to shop in. Right now, not so much.
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We can only hope for "change for the better". For the last few years my local Js has been very disappointing for me in their fabric selection.
peace |
This is an old thread from 2010. It is now 2014 (just barely), which means it happened three years ago. Why is this 2010 thread interspersed with 2014 threads?
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This post began in 2010--I think whatever was going to happen already has.
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Yep as far as I can see J's has not gotten any better and if this thread is 3 years old everything that is going to happen already has and I haven't seen any improvement so far!
Originally Posted by AngeliaNR
(Post 6494053)
This post began in 2010--I think whatever was going to happen already has.
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well, I am personally going to go back in as soon as the snow melts, and the weather tames down a little here in Michigan. and I am taking a brand new bolt of $12 a yard muslin with me, to show them, the dirty material in the bolt. has this ever happened to anyone else? I had to cut it, and I washed it before I used it. otherwise, I would have returned it. looked like it had been splattered, and then 'what to me, looked like signs of bed bugs at one time in the material'. and yes, I know the difference between bug bug stains, and cotton gin by products.
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How did this thread suddenly pop up 3 years after it happened?
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Somebody must either be posting after running a "search" or reading the archives. Either way, it would be nice if the older threads were color-coded or something... not everyone checks the dates
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Well don't I feel silly, I didn't even notice the date. I'm now even more disappointed 'cause Js hasn't gotten better since 2010. They actually arranged the store so you file through the check out like a narrow cattle shute and have all these little items and candy right there about two inches from your face. Talk about marketing:thumbdown:
ell that is the end of that rant. peace |
Silly people. They didn't buy it to 'make it better', they bought it to make money, plain and simple. That's what venture capitalists do. And it's working out just fine for them. Sales are up, profits are up, and no more shareholders to get in the way. ;)
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too funny....I did not notice that either.
Originally Posted by ube quilting
(Post 6495222)
Well don't I feel silly, I didn't even notice the date. I'm now even more disappointed 'cause Js hasn't gotten better since 2010. They actually arranged the store so you file through the check out like a narrow cattle shute and have all these little items and candy right there about two inches from your face. Talk about marketing:thumbdown:
ell that is the end of that rant. peace |
I heard a whisper that Walmart was going to be allowing a JoAnn's dept in the store, like the eye, hair salon and arcade in most of the Walmarts now. Who knows what will be in the next few years.
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Also, just noticed the date after I sent an email to friends - oops!!! I will have to be more observant - Sad to note that their customer service and quality has steadily declined since the take over. Guess the bottom line will always be the one most important to the conglomerates instead of business improvement.
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our bigger WalMart got their fabric back in and I was so excited at the time but I can't find any of it I like. Most of it is way over priced for it to be at Wal Mart and I go to Hancock's when I have a coupon. We have a JoAnn's but it's 90 miles away and since gas is now $3.129 in Hattiesburg I don't go 90 miles for fabric.
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Same here! Very sad to hear this!
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The workers at my local Joann's are always bickering with one another, never smile and complain at the check out. I dread going there to shop. The last time I was there I arrived just after opening and the store looked like a tornado had torn through it. I told my daughter that if I was the manager of this store and I came into a mess like this I would be livid. Maybe this will turn things around.
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Probably not, since the buyout happened several years ago.
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$12 a yard muslin????? Even my LQS doesn't charge that much.
Originally Posted by sewNso
(Post 6494135)
well, I am personally going to go back in as soon as the snow melts, and the weather tames down a little here in Michigan. and I am taking a brand new bolt of $12 a yard muslin with me, to show them, the dirty material in the bolt. has this ever happened to anyone else? I had to cut it, and I washed it before I used it. otherwise, I would have returned it. looked like it had been splattered, and then 'what to me, looked like signs of bed bugs at one time in the material'. and yes, I know the difference between bug bug stains, and cotton gin by products.
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From that article it doesn't sound like the new buyers are real interested in providing the community with quality crafting and sewing supplies. If this new store doesn't provide us good products, I think another Co. will step onto the scene. The crafting industry is a big money maker, at least that is what I am hoping.
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This thread is three years old. The buyout was a long time ago. If nothing has changed by this time, it probably won't.
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I guess JoAnn's is doing ok . . . They are opening a store in our local Mall. An 'anchor' spot, joining Penney's, Sears, and Belks.
My Walmart has fabric, and if I am careful choosing, I can do ok. There is a Hancock's a bit further, but like yall - I go for the sales. I am hopeful that JoAnn's will complement Walmart, for my (affordable?) purchasing needs!! |
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