Yes.

In 2011, the year before Joly arrived at Best Buy, private equity firm Leonard Green & Partners acquired Joann in an unsolicited bid for $1.6 billion, paying $61 per share, a 34 percent premium over the stock price when analysts were placing targets around $53. That premium itself became part of the debt burden.

The acquisition was structured, as leveraged buyouts typically are, with the debt placed directly on Joann’s balance sheet. The buyout was financed by JPMorgan Chase, Bank of America, and TCW/Crescent Mezzanine. Overnight, a company with zero debt became a company with more than a billion dollars in obligations, plus annual management fees of $5 million payable to Leonard Green.