Crafty Acquisition

Jo-Ann Stores Inc. (Hudson, Ohio) has acquired three store leases in the Dallas/Fort Worth area from MJDesigns L.P., a Texas-based arts and crafts retailer currently operating under Chapter 11 bankruptcy protection.

The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth division, approved the transaction on February 11. The sale was for an undisclosed sum.

“These stores, along with two additional superstores we plan to open in the area during 2003, will increase our presence in a thriving market we are very excited about,” said Jo-Ann Stores' chairman and ceo Alan Rosskamm. Over the next year, the company said it will open 20 new locations.

The fabric and craft retailer expects to take possession of the stores in late April or early May. The three new stores will be opened as Jo-Ann superstores after they are remodeled and remerchandised. Jo-Ann Stores Inc. operates 847 Jo-Ann Fabrics and Crafts traditional stores and 72 Jo-Ann superstores in 48 states.