Jo-Ann Stores announces new $365 million credit facilities

Hudson, Ohio – Locally based Jo-Ann Stores Inc. entered into new four-year $365 million senior secured credit facilities, financed by Boston-based Fleet Retail Finance Inc.

These credit facilities consist of a $325 million revolving credit facility and a $40 million term loan facility and are secured by the inventory, receivables and other assets of the company. They are replacing the company's prior senior credit facility and a $40 million synthetic lease facility.