Shareholders of Jo-Ann Stores approved a $1.6 billion merger with an affiliate of Leonard Green & Partners. Of all the shares that were voted, more than 99 percent were in favor of the agreement. Those in favor of the pact represented 82 of outstanding shares. The company expects the deal to close Friday.

DOW JONES NEWSWIRES Jo-Ann Stores Inc. (JAS) swung to a fiscal second-quarter profit as the fabric and craft retailer posted higher sales and improved margins, leading results to easily top Wall Street's expectations.

Hudson, Ohio-based Jo-Ann Fabric and Craft Stores announced new product offerings and changes to its store layout, according to Jewelry aisles will increase from 88 ft. to 120 ft.

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