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Jo-Ann Stores to acquire full ownership of Joann.com
16 Aug '07
2 min read
Jo-Ann Stores Inc announced that it has signed a letter of intent to purchase the remaining sixty-two percent interest of IdeaForest.com Inc, the parent company of Joann.com.
"Since launching Joann.com with IdeaForest in 2000, we have developed a strong presence on the internet. Our site combines inspiration and commerce to make Joann.com the creative industry leader online," said Darrell Webb, chairman, president, and chief executive officer of Jo-Ann Stores Inc.
"By more closely integrating the online business with our brick and mortar stores, we will not only improve customer satisfaction, but also deliver earnings accretion for shareholders."
"This is a great opportunity for Jo-Ann to bring our neighborhood stores to life online," said Travis Smith, executive vice president, merchandising and marketing. "We will continue to inspire our online customers with project ideas and great merchandise, while also aligning the Web site to be more reflective of the Jo-Ann brand."
Joann.com attracts an average of 2.0 million unique visitors per month and offers 65,000 products for the creative enthusiast including fabric, sewing and quilting items, scrapbooking supplies, crafts, knitting and crochet materials, and home decor goods. Joann.com was ranked the 208th online retailer and the number one e-commerce craft retailer in Internet Retailers' Top 500 for 2007.
"Since launching Joann.com with IdeaForest in 2000, we have developed a strong presence on the internet. Our site combines inspiration and commerce to make Joann.com the creative industry leader online," said Darrell Webb, chairman, president, and chief executive officer of Jo-Ann Stores Inc.
"By more closely integrating the online business with our brick and mortar stores, we will not only improve customer satisfaction, but also deliver earnings accretion for shareholders."
"This is a great opportunity for Jo-Ann to bring our neighborhood stores to life online," said Travis Smith, executive vice president, merchandising and marketing. "We will continue to inspire our online customers with project ideas and great merchandise, while also aligning the Web site to be more reflective of the Jo-Ann brand."
Joann.com attracts an average of 2.0 million unique visitors per month and offers 65,000 products for the creative enthusiast including fabric, sewing and quilting items, scrapbooking supplies, crafts, knitting and crochet materials, and home decor goods. Joann.com was ranked the 208th online retailer and the number one e-commerce craft retailer in Internet Retailers' Top 500 for 2007.
Jo-Ann Stores Inc
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