Jo-Ann Stores On The Block

Jo-Ann Stores (NYSE: JAS) has retained Lehman Brothers to explore a possible sale, according to The Deal. First-round bids are due next month, with a total asking price of just under $1 billion. Jo-Ann Stores is a specialty retailer of fabrics and crafting supplies, and has a current market capitalization of approximately $775 million. http://www.joann.com/