1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE - --------------------- CONTACT: Brian P. Carney Investor Relations: Executive Vice President Naomi Rosenfeld/Carolyn Capaccio and Chief Financial Officer Heather Anthony Fabri-Centers of America, Inc. Press: Stacy Berns 330/656-2600 Morgen-Walke Associates http://www.joann.com 212/850-5600 FABRI-CENTERS COMPLETES ACQUISITION OF HOUSE OF FABRICS STOCK HUDSON, OH, April 22, 1998 -- Fabri-Centers of America, Inc. (NYSE: FCA.A and FCA.B) today announced the completion of its acquisition of House of Fabrics, Inc. As previously announced, Fabri-Centers acquired 77.2% of the issued and outstanding shares of common stock of House of Fabrics pursuant to a cash tender offer (priced at $4.25 per share) that closed on March 6, 1998. The merger of House of Fabrics with a wholly-owned subsidiary of Fabri-Centers, formed for the sole purpose of completing the acquisition, was approved at a special meeting of House of Fabrics shareholders held on April 21, 1998. As a result, House of Fabrics is now a wholly-owned subsidiary of Fabri-Centers. All shares of House of Fabrics common stock not already owned by the Company (approximately 1.2 million shares or 22.8% of the outstanding shares) were canceled and converted into the right to receive $4.25 in cash. Immediately following the special meeting, House of Fabrics, Inc. (NASDAQ: HFAB) was de-listed from the NASDAQ National Market. Documents were also filed to de-register House of Fabrics common stock with the Securities and Exchange Commission. Fabri-Centers has annual revenues of approximately $975 million and operates 903 fabric and craft stores in 48 states, primarily under the names of Jo-Ann Fabrics and Crafts, Cloth World, New York Fabrics and Jo-Ann etc. House of Fabrics had annual revenues at the time of the acquisition of approximately $240 million and operated 261 fabric and craft stores in 27 states under the names of House of Fabrics, SoFro Fabrics, Fabricland and Fabric King. # # #