NEW YORK – Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels.
The Michaels Companies announced on Thursday that it had finalized its acquisition of Joann’s intellectual property and private label brands. This move comes as the Texas-based arts and crafts chain seeks to broaden its range of fabric, sewing, and yarn products.
“We’re honored to have the opportunity to welcome JOANN customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels,” said Michaels CEO David Boone in a statement. He further noted that the acquisition enables the company to more effectively “respond to rising demand” from both new and loyal customers.
Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday.
Joann, with its origins traced back to a single Ohio store in 1943, had evolved into a beloved source for sewers, quilters, knitters, and other craft enthusiasts for over 80 years. However, in recent times, the retailer faced increasing operational challenges, citing weak consumer demand, inventory shortages, and intensifying competition.
Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. At the time, the company said financial services company GA Group, together with Joann’s term lenders, had been selected as the winning bidder to “acquire substantially all of Joann’s assets” and conduct going-out-of-business sales at all store locations.
Michaels on Thursday said that its purchase of Joann’s IP and private brands included the acquisition of “Big Twist” yarns, which had become a staple in Joann stores over the years.
Those “Big Twist” labels are now being developed as part of Michaels’ portfolio — and will be available in-stores and online later this year, the company said. In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online.
And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more.
Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.
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