joannes again
07-30-2010, 10:01 AM
#34
Super Member
Join Date: May 2010
Posts: 1,183
Okay here is the scoop on Joann's. Amazing how many wrong stories crop up about things.
the full story here: http://www.fundinguniverse.com/compa...y-History.html
the company started as Fabri-Centers. And then proceeded to buy lots of competitors.
"In 1998, Fabri-Centers reached a turning point. The company purchased 250 House of Fabrics stores, its biggest purchase deal to that date, raising its total number of stores to 1,060. More than half of these stores were designated Jo-Ann Fabrics and Crafts, while the rest operated under six different names: Cloth World, Fabri-Centers of America, FabricKing, FabricLand, House of Fabrics, New York Fabrics, and So-Fro Fabrics. The company carried an $180 million debt load, including $106 million stemming from the House of Fabrics purchase, which raised the company's debt-to-total capital ratio to 50%. Consolidation and elimination of redundancies was clearly in order. "
hopefully this will lay the rumors to rest
the full story here: http://www.fundinguniverse.com/compa...y-History.html
the company started as Fabri-Centers. And then proceeded to buy lots of competitors.
"In 1998, Fabri-Centers reached a turning point. The company purchased 250 House of Fabrics stores, its biggest purchase deal to that date, raising its total number of stores to 1,060. More than half of these stores were designated Jo-Ann Fabrics and Crafts, while the rest operated under six different names: Cloth World, Fabri-Centers of America, FabricKing, FabricLand, House of Fabrics, New York Fabrics, and So-Fro Fabrics. The company carried an $180 million debt load, including $106 million stemming from the House of Fabrics purchase, which raised the company's debt-to-total capital ratio to 50%. Consolidation and elimination of redundancies was clearly in order. "
hopefully this will lay the rumors to rest
07-30-2010, 11:37 AM
#36
Super Member
Join Date: Jun 2010
Location: Roseburg, OR
Posts: 2,976
I have had the same thoughts about JoAnns. The last couple of times I went I left empty handed, something that is a rare miracle for me in a fabric store. I really want to support the store but the quality, diversity and prices on line are so much better that JoAnns is getting less and less of my money.
07-30-2010, 12:23 PM
#37
Junior Member
Join Date: Mar 2010
Location: Cumming GA (formerly, NJ)
Posts: 162
Originally Posted by fixfido
The things you've mentioned here are recurrent themes at my JoAnn's, too. I rarely visit there anymore. I just don't have 30 minutes to wait in line to have fabric cut, followed by another 20 minutes in line waiting to pay. I think they've lost a lot of loyal customers this way.
07-30-2010, 12:44 PM
#38
Junior Member
Join Date: Nov 2006
Location: Greendale Twp: Midland, MI
Posts: 216
I am sure that JoAnn's corporate hqs has completely changed over the years, however, what I said was definitely not rumor.
The managers were flown in for meetings, with the theme being customer service.
The managers that did good jobs in those days were offered stock options and some pretty nice bonuses.
Mr. & Mrs. Zimmerman wanted the family touch to all the stores.
Does anyone remember the display boards up near the ceilings? The employees were required to make these.
They could make their choice with materials supplied but the displays had to stay up a certain length of time.
We have good JoAnn's in both Midland & Mt.Pleasant.
The brand new store in Mt.Pleasant was built in part of the old Sam's Club. Hmmn?
The managers were flown in for meetings, with the theme being customer service.
The managers that did good jobs in those days were offered stock options and some pretty nice bonuses.
Mr. & Mrs. Zimmerman wanted the family touch to all the stores.
Does anyone remember the display boards up near the ceilings? The employees were required to make these.
They could make their choice with materials supplied but the displays had to stay up a certain length of time.
We have good JoAnn's in both Midland & Mt.Pleasant.
The brand new store in Mt.Pleasant was built in part of the old Sam's Club. Hmmn?
07-30-2010, 01:09 PM
#39
Senior Member
Join Date: Jul 2010
Location: Lubbock, TX
Posts: 376
Originally Posted by mzsooz
The company purchased 250 House of Fabrics stores, its biggest purchase deal to that date, raising its total number of stores to 1,060. More than half of these stores were designated Jo-Ann Fabrics and Crafts, while the rest operated under six different names: Cloth World, Fabri-Centers of America, FabricKing, FabricLand, House of Fabrics, New York Fabrics, and So-Fro Fabrics.
I wish the link you provided (thanks, by the way :) ) included more recent information as I'm still curious about whether or not it's part of Wal-Mart. I DID discover that many JoAnn's now occupy former Wal-Marts. That in its self is no easy feat. If any of you have abandoned Wal-Mart buildings in your area, you know what I mean. Before moving to Lubbock, I was an active member of my local chamber. We had an abandoned Wal-Mart in our town and many larger companies had inquired about leasing. Wal-Mart wouldn't lease to them if they sold anything that might compete with something Wal-Mart sold. Consequently . . .the abandoned Wal-Mart has sat empty since the new Super Center down the street opened 17 years ago.
07-30-2010, 02:35 PM
#40
Member
Join Date: Jun 2010
Location: thumb of MI
Posts: 6
I have noticed that yu sure can't use your coupons much. And yes ther is a lot to do wiwth scrapbooking. I have to go 30-45 min to get to a JoAnns. Ther prices are going up on the fabric. I will not spend $9.99 a yd there when I can get Moda at my LQS for $9.00
Just my two cents worth.
Just my two cents worth.
Thread
Thread Starter
Forum
Replies
Last Post
