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A comment on Fabric and craft retailer Joann to go out of business, close all of its stores. Parent comment

Re:Fabric and craft retailer Joann to go out of business, cl... by hollerith on Tuesday February 25, 2025 @01:34PM (#43175566)
That argument does not apply in the current case, though, because Joann was being publicly traded [1] when it got bought by private equity in 2011. The management of the publicly-traded company explained,

>“We are excited about the prospect of working with Leonard Green & Partners [a private-equity firm] as we further capitalize on opportunities to accelerate the expansion and upgrade of our stores and pursue market share gains,” Darrell Webb, chairman and chief executive of Jo-Ann Stores, said in a statement [1].

[1] https://archive.nytimes.com/dealbook.nytimes.com/2010/12/23/...

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Re:Fabric and craft retailer Joann to go out of business, cl... by lotsofpulp on Tuesday February 25, 2025 @01:46PM (#43175700)
Part of owning equity in a publicly traded company is for shareholders to accept the decisions of the board (management). Or otherwise engage in a conflict with the board. Even if Joann was a viable business on its own, if most shareholders wanted to accept the price being offered for the business (presumably reflected by the board's votes), then that is all that matters.
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Re:Fabric and craft retailer Joann to go out of business, cl... by Blackthorn on Tuesday February 25, 2025 @04:46PM (#43177919)
I don't think anyone is arguing over that. What we're saying is that Joann's was a victim of private equity, which is orthogonal to that point.
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