Acct280 Principles of Accounting- Research Subject: Jo-Ann Fabric Store, Inc.

Apr 22nd, 2015
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Formerly known as Fabri-Centers of America, Jo-Ann Stores, Inc., is the country's largest fabric retailer with sales of nearly $2 billion, 851 fabric stores in 48 states, and an estimated six percent of the $29 billion retail fabric and craft-supplies market. The company's smaller "traditional" stores and 35,000 square foot superstores carry wide selections of fabric, notions, and craft goods.

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Jo-Ann Fabric Store, Inc.Team B: Neil Bernardo, Stephanie Gelman, Will Hazlett, Aimalee FaasavaluACC/280 PRINCIPLES OF ACCOUNTINGJanuary 4, 2011Stanley Tanka Company HistoryFormerly known as Fabri-Centers of America, Jo-Ann Stores, Inc., is the country's largest fabric retailer with sales of nearly $2 billion, 851 fabric stores in 48 states, and an estimated six percent of the $29 billion retail fabric and craft-supplies market. The company's smaller "traditional" stores and 35,000 square foot superstores carry wide selections of fabric, notions, and craft goods. The chain boasts nearly double the sales and locations of its nearest competitor, Hancock Fabrics. Surviving a dramatic shakeout in the retail fabric industry in the 1990s and growth pains between 1998 and 2002, Jo-Ann made a strong recovery from its unprofitable years and looked to expand to 600 or 700 superstores in the early decades of the 21st century. Founding and Early Development The chain was founded in 1943 by two German immigrant families, the Rohrbachs and the Reichs. The Reichs had an importing business dealing in Swiss cheese, anchovy paste, and pickles, and they invited their friends to start selling fabric in their suburban Cleveland storefront. When Berthold Rohrbach died that same year, his 30-year-old daughter, Alma Zimmerman, went to work full-time at the store with Hilda Reich. Hilda's daughter, Betty, joined the family business in 1947, and she and Alma opened the chain's second s

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