Jo-Ann Stores Inc. has signed a letter of intent to purchase the remaining 62% interest of IdeaForest.com Inc., the parent company of Joann.com, which is No. 208 in the Internet Retailer Top 500 Guide.
“Since launching Joann.com with IdeaForest in 2000, we have developed a strong presence on the Internet,” says Darrell Webb, chairman, president and CEO 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.”
Jo-Ann Stores sees the move as an opportunity to “bring our neighborhood stores to life online,” says Travis Smith, executive vice president, merchandising and marketing. Plans include aligning the web site to better reflect the Jo-Ann brand, Smith adds.
Joann.com attracts an average of 2 million unique visitors per month, the company says. It offers 65,000 products including fabric, sewing and quilting items, scrapbooking supplies, and home décor goods.
Jo-Ann Stores operates 612 Jo-Ann Fabric and Craft stores and 177 Jo-Ann superstores in 47 states.
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