S&P ups Jo-Ann Stores outlook to stable

Standard & Poor's said it revised the ratings outlook on Jo-Ann Stores Inc. to stable from negative.

At the same time, the agency said it affirmed all the ratings, including the corporate rating of B-.

The change in outlook reflects the company's improved operating performance and debt reduction, primarily as a result of the new management team's increased focus on merchandising and inventory management, S&P noted.

The ratings on Jo-Ann reflect unfavorable industry trends in the fabric industry, strong competition in the crafts retailing industry and a highly leveraged capital structure, resulting in weak cash flow protection measures, S&P said.

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