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8-K - FORM 8-K - JO-ANN STORES INC | l41674e8vk.htm |
Exhibit 99.1
Going Private E-mail Mailbox Responses
FW51 1/21/2011
1. What is going to happen to the tuition reimbursement program now that the company is going
private? Is it going to remain in place?
Yes, the tuition reimbursement program will remain in place.
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Cautionary Statement Regarding Forward-Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 with respect to Jo-Ann Stores, Inc. (the Company), its business and
the proposed merger transaction (the Merger) among Needle Holdings Inc., Needle Merger Sub Corp.
and the Company. These forward-looking statements can be identified by the use of terminology such
as subject to, believe, expects, plan, project, estimate, intend, may, will,
should, can, or anticipates, or the negative thereof, or variations thereon, or comparable
terminology, or by discussions of strategy. Although all of these forward-looking statements are
believed to be reasonable, they are inherently uncertain. Factors which may materially affect such
forward-looking statements include, but are not limited to general economic conditions, risks in
implementing new marketing initiatives, natural disasters and geo-political events, changes in
customer demand, changes in trends in the fabric and craft industry, changes in the competitive
pricing for products, the impact of competitors store openings and closings, our dependence on
suppliers, seasonality, disruptions to the transportation system or increases in transportation
costs, energy costs, our ability to recruit and retain highly qualified personnel, our ability to
manage our inventory, our ability to effectively manage our distribution network, disruptions to
our information systems, failure to maintain the security of our electronic and other confidential
information, failure to comply with various laws and regulations, failure to successfully implement
the store growth strategy, changes in accounting standards and effective tax rates, inadequacy of
our insurance coverage, cash and cash equivalents held at financial institutions in excess of
federally insured limits, volatility of our stock price, damage to our reputation, and other
factors, and uncertainties associated with the proposed Merger, including uncertainties relating to
the anticipated timing of filings and approvals relating to the transaction, the expected timing of
completion of the transaction and the ability to complete the transaction. Other important factors
that may cause actual results to differ materially from those expressed in the forward-looking
statements are discussed in the Companys Securities and Exchange Commission (SEC) filings.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company cannot
guarantee future results, trends, events, levels of activity, performance or achievements. The
Company does not undertake and specifically declines any obligation to update, republish or revise
forward-looking statements to reflect events or circumstances after the date hereof or to reflect
the occurrences of unanticipated events. Consequently, such forward-looking statements should be
regarded solely as the Companys current plans, estimates and beliefs.
Additional Information and Where to Find It
In connection with the Merger, the Company filed a preliminary proxy statement with the SEC on
January 18, 2011. When completed, a definitive proxy statement and a form of proxy will be mailed
to the shareholders of the Company. BEFORE MAKING ANY VOTING DECISION, THE COMPANYS SHAREHOLDERS
ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT AND, WHEN AVAILABLE, THE DEFINITIVE PROXY
STATEMENT, REGARDING THE MERGER CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN , OR WILL
CONTAIN, IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The Companys shareholders will be able
to obtain, without charge, a copy of the preliminary proxy statement, the definitive proxy
statement (when available) and other
relevant documents filed with the SEC from the SECs website
at http://www.sec.gov. The Companys shareholders will also be able to obtain, without charge, a
copy of the preliminary and definitive proxy statements and other relevant documents (when
available) by directing a request by mail or telephone to Jo-Ann Stores, Inc., Attn: Corporate
Communications, 5555 Darrow Road, Hudson, Ohio 44236, telephone: (330) 463-6865, or from the
investor relations section of the companys website, http://www.joann.com.
Participants in Solicitation
The Company and its directors and officers may be deemed to be participants in the solicitation of
proxies from the Companys shareholders with respect to the special meeting of shareholders that
will be held to consider the Merger. Information about the Companys directors and executive
officers and their ownership of the companys common stock is set forth in the proxy statement for
the Companys 2010 Annual Meeting of Shareholders, which was filed with the SEC on April 26, 2010.
Shareholders may obtain additional information regarding the interests of the Company and its
directors and executive officers in the Merger, which may be different than those of the Companys
shareholders generally, by reading the preliminary proxy statement filed with the SEC on January
18, 2011, the definitive proxy statement (when available) and other relevant documents regarding
the Merger, when filed with the SEC.