Jo-Ann Stores buys back $13.6 million of notes in fourth quarter

By Jennifer Chiou

New York, March 11 - Jo-Ann Stores Inc. announced the repurchase of $13.6 million of its senior subordinated notes during the fourth quarter ended Jan. 31.

The company bought back the notes at a discount of 16%.

The company said that the current quarter net income includes a $1.3 million after-tax gain related to the repurchase.

Jo-Ann is a Hudson, Ohio-based specialty retailer of crafts.

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