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Fabric and craft-store chain Jo-Ann Stores Inc. is being taken private by investment firm Leonard Green & Partners LP for about $1.6 billion, the latest in a series of billion- dollar retail buyouts.
The deal is the most recent in a flurry of retail buyouts that have occurred in the past three months.
Last month, preppy fashion retailer J. Crew Group Inc. agreed to be purchased for $3 billion in a deal that also involved Leonard Green & Partners, along with private-equity firm TPG Capital.
And in October, Gymboree Corp. agreed to be acquired by Bain Capital.
Denver Post staff and wire reports
