Fabri-Centers chooses new name

Discount Store News, June 22, 1998

HUDSON, OHIO -- Fabri-Centers has a new name, Jo-Ann Stores. The company earlier this month said that shareholders approved changing its name to Jo-Ann Stores to more closely align its corporate identity with that of its retail locations. Fabri-Centers anticipates making the name change during the third quarter. Fabri-Centers currently operates more than 1,000 traditional fabric stores from coast to coast, with more than half known as Jo-Ann Fabrics and Crafts. It also has stores that currently operate under the names Cloth World, New York Fabrics, House of Fabrics, SoFro Fabrics, Fabricland and FabricKing.

Separately, Fabri-Centers said it will close 90 Fabri-Centers of America stores, consolidate and close 90 overlapping House of Fabrics and Fabri-Centers stores and close the House of Fabrics administrative offices. It also plans to remerchandise and remodel the remaining House of Fabrics stores. Fabri-Centers expects to post total after-tax charges of between $15 million and $18 million over thenext six to 12 months, including the $7.5 million charge taken in the latest first quarter.