Jo-Ann Stores to Be Acquired for $61.00 Per Share in Cash

Jo-Ann Stores, Inc. JAS today announced that it has entered into a definitive agreement to be acquired by an affiliate of Leonard Green & Partners, L.P., for a total price of approximately $1.6 billion, or $61.00 per share in cash. The offer price represents a 34% premium to the closing price of Jo-Ann's shares on December 22, 2010.