Jo-Ann Stores to move forward with sale to Leonard Green
New York City — Jo-Ann Stores announced Tuesday that it has received no other takeover bids after a nearly two-month "go-shop" period. The fabric and crafts chain said it will therefore ask shareholders to vote on the company’s proposed $1.6 billion sale to Leonard Green & Partners LP.
The meeting is scheduled for March 18.
Jo-Ann Stores, which operates 751 stores in 48 states, announced the proposed sale in December. The company had until Feb. 14 to seek a better offer.
The acquisition is expected to close by the end of March if the majority of shareholders approve the deal.
Sears’ Lampert reports 5.8% stake in Gap
New York City — A Tuesday report by the Wall Street Journal said that hedge fund billionaire and Sears Holding Corp. chairman Edward Lampert has reported holding a 5.8% stake in Gap Inc.
Lampert reported the stake in a 13G filing, or a filing for passive investors, with the Securities and Exchange Commission late Monday.
His ESL Partners company and affiliates reported beneficially holding 35 million common shares.
In a separate 13F filing, Lampert reported holding 2.8 million Gap shares as of Dec. 31, a new position. According to the WSJ report, any investors who manage more than $100 million are required to disclose most securities holdings within a month and a half of the end of a quarter.
Report: A&P to close 32 stores
New York City — A&P plans to close 32 stores in six states, including four in the New York City area, Crain’s New York reported.
Among the stores slated to close are 14 Pathmarks, seven Super Fresh shops, four A&Ps and three Waldbaums, according to the report.
A&P operates 395 stores in eight states and the District of Columbia under the banners A&P, Waldbaum’s, Pathmark, Best Cellars, The Food Emporium, Super Fresh and Food Basics. The company filed for Chapter 11 bankruptcy in December.