No, Joann is not owned by Hobby Lobby. These two major craft and hobby retailers operate as separate, independent entities.
Understanding Joann's Ownership
Joann, a well-known name in the crafts retail sector, has a distinct ownership history that sets it apart from its competitors. In 2011, the private equity firm Leonard Green & Partners acquired Joann in a deal valued at approximately $1.6 billion. This marked a significant period for the company under private ownership.
However, Joann's ownership structure changed again in 2021 when the company was spun off publicly. This transition meant that Joann became a publicly traded company, with its shares available for purchase by investors on a stock exchange. This move made Joann's financial performance and corporate governance subject to public market scrutiny. For further details on Joann's corporate developments, you can refer to financial news sources like The New York Times.
Hobby Lobby: A Separate Entity
Hobby Lobby, on the other hand, maintains a different ownership model. It is a privately owned company. Unlike publicly traded companies, the shares of privately owned businesses are not available for public trading on stock exchanges, and their ownership typically remains within a limited group of individuals or a family.
Hobby Lobby and Joann are recognized as direct competitors in the retail market, vying for the same customer base interested in arts, crafts, and home decor. Despite competing for market share, their ownership structures and corporate operations are entirely distinct.
Ownership Comparison: Joann vs. Hobby Lobby
To clarify the difference, here's a brief comparison of their ownership types:
| Retailer | Ownership Type | Relationship |
|---|---|---|
| Joann | Publicly Traded (formerly Private Equity owned) | Independent Company |
| Hobby Lobby | Privately Owned | Independent Company |
This table clearly illustrates that both companies, while competitors, operate under completely separate ownership models and management.
