US: Jo-Ann Stores to acquire full ownership of website

16 August 2007 | Source: just-style.com

Jo-Ann Stores has signed a letter of intent to purchase the remaining 62% stake in IdeaForest.com, the parent company of its website Joann.com.

"Since launching Joann.com with IdeaForest in 2000, we have developed a strong presence on the internet," said Darrell Webb, chairman, president, and chief executive officer of Jo-Ann Stores.

"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."