Jo-Ann shareholders approve merger
New York City — Shareholders of Jo-Ann Stores on Friday approved a $1.6 billion merger with an affiliate of Leonard Green & Partners.
Of all the shares that were voted, more than 99% were in favor of the agreement. Those in favor of the pact represented 82 of outstanding shares. The company expects the deal to close Friday.
The company will be delisted from the New York Stock Exchange.
Los Angeles’ Leonard Green & Partners also has investments in Neiman Marcus Group, The Container Store, Tourneau, David’s Bridal Whole Foods Market and Sports Authority. In November, J.Crew Group agreed to be purchased for $3 billion in a deal that also involves Leonard Green & Partners, along with private equity firm TPG Capital.
Jo-Ann Stores, which operates 751 stores in 48 states, announced the proposed sale in December.
Jack Rogers opens its first-ever store
New York City — Jack Rogers, the brand best known for its Navajo-inspired sandals, has opened its first retail store, on Madison Avenue in Manhattan.
The 1,200-sq.-ft. shop features the company’s expanding merchandise lineup, which includes a variety of women’s footwear, accessories, and even some apparel.
The store, designed by New York City-based a+i design, has a nearly all-white interior, with black-oak flooring.
Starbucks, Lowe’s and Target contribute to Japan relief effort
Minneapolis — Starbucks, Lowe’s and Target are among the U.S. retail chains donating money to the relief effort that is assisting victims of the earthquake and tsunami in Japan.
The Starbucks Foundation and Starbucks Coffee Japan will contribute approximately $1.2 million) to aid immediate humanitarian and relief efforts.
Lowe’s Cos. will donate $1 million to support the Red Cross Japan relief effort that is assisting victims in Japan. Lowe’s said its website will serve as a donation point for customers who wish to contribute to the effort.
Target announced it has donated $500,000 to assist with Japan’s earthquake and tsunami relief efforts. The donation was made to Save the Children, which has already mobilized an immediate and direct response to the crisis.