🠈 Jo-Ann Stores 🠊
Joann Fabric and Crafts
Joann Fabrics and Crafts is the largest specialty crafts store on the planet. The corporate page claims that JoAnn operated over 750 stores in 49 states as of October 2019.
The company traces its history to immigrants Hilda and Berthold Reich who imported cheese to their Cleveland shop. Their friends Sigmund and Mathilda Rohrbach joined the firm and started selling fabric. When they opened their second store, they renamed the concern Cleveland Fabric Shop. They changed the name to Jo-Ann when they expanded to Pittsburgh.
The company went public in 1969 as Fabri-Centers of America, Inc. In 1994, the company acquired a 342 chain called "Cloth World" which brought the concern to 655 units. They acquired House of Fabrics in 1998. On December 23, 2010, Jo-Ann Stores announced plans to sell to Leonard Green for $1.6 billion. Corporate information about the store after the sale is scarce.
Here I expand the important corporate events in the development of the chain.
- 1943: Hilda and Berthold Reich opened a cheese shop. Their friends Sigmund and Mathilda Rohrbach convinced the Reich's to sell fabrics.
- 1947: The company opens its second store, in Cleveland.
- 1951: The company incorporated as Cleveland Fabric Shops, Inc..
- 196?: The company rebranded as Jo-Ann Fabrics so they could expand beyond Cleveland.
- 1968: Jo-Ann changed its name to Fabri-Centers of America, Inc..
- 1969: Fabri-Centers held an IPO.
- 1984: Fabri-Centers launched Cargo Express to sell discount housewares.
- 1988: Company posted a loss and decided to concentrate on superstore model.
- 1988: Michael Feuer left Fabri-Centers to start OfficeMax.
- 199?: Stock prices dropped and company added crafts.
- 1993: Company attempted to sell, then liquidated Cargo Express.
- 1994: Fabri-Centers acquired Cloth World which had 342 stores, bringing the chain total to 655 stores.
- 1997: Fabri-Centers paid a $3.3 million fine on charges that it overstated earnings before selling securities.
- 1998: Fabri-Centers acquired House of Fabrics. This chain included Fabricland, Fabric King, and So-Fro Fabrics in a deal worth $100 million
History of the House of Fabrics
- 1946: The Sofro brothers founded House of Fabrics.
- 1965: The House of Fabrics became a public company.
- 1991: House of Fabrics acquired Fabricland of Portland, Or in a hostile takeover. The chain had 86 stores.
- 1992: Disgruntled employees from FabricLand created a massive fabric superstore called Fabric Depot in an old Fred Meyer Store. This store closed in 2018. (full story)
- 1993: House of Fabrics closed 110 mall stores and incurred $35 million in restructuring charges.
- 1994: House of Fabrics closed 200 additional stores as people had stopped sewing their own clothes.
- 1994: House of Fabrics filed Chapter 11 Bankruptcy.
- 1995: Hancock Fabrics attempted a take-over but aborted the attempt.
- 1996: House of Fabrics closed another 86 underperforming stores.
- 1998: Company rebranded as Jo-Ann Stores, Inc..
- 2010: Leonard Green acquired Jo-Ann Stores for $1.6 billion.
- Funding Universe - Jo-Ann Stores (Drawn 10/2/2019)
- Wikipedia - Joann Stores (Drawn 10/2/2019)
- Business Wire - Leonard Green Acquires Jo-Ann (Drawn 10/2/2019)
- Funding Universe - House of Fabrics (Drawn 10/2/2019)
- LA Times - Fabri Centers Acquired House of Fabrics (Drawn 10/2/2019)
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