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.