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Recovery Report: Jo-Ann Stores Inc.'s Recovery Rating Profile Jun 11

  • ID: 1828633
  • June 2011
  • Standard & Poors
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Standard & Poor's Ratings Services has complete its review of the recovery and issue-level ratings on Hudson, Ohio-based Jo-Ann Stores Inc.'s term loan and senior unsecured notes. All ratings are unchanged. Our recovery analysis incorporates a simulated default scenario that contemplates a default in 2015, due to ineffective management of inventory and merchandising missteps, as well as a slowdown in consumer spending, which results in a steep decline in demand for fabric and craft products. We believe the company would be able to reorganize in the event of a default because of its market position in the highly fragmented craft and hobby retail industry. JoAnn's capital structure consists of a $375 million asset-based revolving (ABL) credit facility due 2016 (unrated),...

Companies mentioned in this report are:
- Jo-Ann Stores Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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- Jo-Ann Stores Inc.

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