================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) MAY 29, 2002
COMMISSION FILE NO. 1-6695
------------------
JO-ANN STORES, INC.
(Exact name of Registrant as specified in its charter)
OHIO 34-0720629
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5555 DARROW ROAD, HUDSON, OHIO 44236
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (330) 656-2600
N/A
(Former name or former address, if changed since last report)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On May 29, 2002, the Audit Committee of the Board of Directors of Jo-Ann Stores,
Inc (the "Company") decided to no longer engage Arthur Andersen LLP ("AA") as
the Company's independent public accountants and engaged Ernst & Young LLP
("E&Y") to serve as the Company's independent public accountants for its fiscal
year 2003, which ends on February 1, 2003.
AA's reports on the Company's consolidated financial statements for each of the
years ended February 2, 2002 and February 3, 2001 did not contain an adverse
opinion or disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope or accounting principles.
During the years ended February 2, 2002 and February 3, 2001 and through May 29,
2002, there were no disagreements with AA on any matter of accounting principle
or practice, financial statement disclosure, or auditing scope or procedure
which, if not resolved to AA's satisfaction, would have caused them to make
reference to the subject matter in connection with their report on the Company's
consolidated financial statements for such years; and there were no reportable
events as defined in Item 304(a)(1)(v) of Regulation S-K.
The Company provided AA with a copy of the foregoing disclosures. Attached as
Exhibit 16.1 is a copy of AA's letter, dated May 29, 2002, stating its agreement
with such statements.
During the years ended February 2, 2002 and February 3, 2001 and through the
date of the Audit Committee's decision, the Company did not consult E&Y with
respect to the application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that might be
rendered on the Company's consolidated financial statements, or any other
matters or reportable events as set forth in Items 304(a)(2)(i) and (ii) of
Regulation S-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit 16.1 - Letter from Arthur Andersen LLP to the Securities and Exchange
Commission dated May 29, 2002, filed herewith.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JO-ANN STORES, INC.
(Registrant)
Date: May 29, 2002 By: /s/ Brian P. Carney
-----------------------------------
Name: Brian P. Carney
Title: Executive Vice President
and Chief Financial Officer
3
EXHIBIT INDEX
Exhibit Number Description
16.1 Letter from Arthur Andersen LLP to the Securities and
Exchange Commission dated May 29, 2002.
4