Michaels Acquires Joann’s Private Label Brands Amid Expansion Efforts
By Wyatte Grantham-Philips, AP Business Writer
NEW YORK (AP) — In a significant move for the arts and crafts industry, Michaels Companies has completed its acquisition of the intellectual property and private label brands from the now-defunct fabric retailer Joann. This purchase aligns with Michaels’ strategy to expand its offerings in fabric, sewing, and yarn, with a focus on welcoming Joann’s loyal customer base.
CEO David Boone expressed enthusiasm about the acquisition, stating, “We’re honored to have the opportunity to welcome Joann customers into our creative community.” He emphasized the company’s commitment to meeting the increasing demand for craft materials as part of their overall growth strategy.
Joann, which traces its origins to a single Ohio store founded in 1943, had become a beloved destination for crafters over the decades. However, recent operational challenges—including sluggish consumer demand and increased competition—led the company to file for Chapter 11 bankruptcy protection twice in one year, ultimately resulting in its closure earlier this year.
While financial terms of the deal were not disclosed, it includes popular products like “Big Twist” yarns, which will soon be integrated into Michaels’ product lineup available both in-store and online. Michaels has also created a dedicated landing page to help former Joann customers transition easily to their new offerings.
As part of its expansion, Michaels is launching over 600 new products, ranging from quilting supplies to specialty threads and sewing machines. With 1,300 stores across 49 U.S. states and Canada, Michaels aims to solidify its position as a leading destination for crafting supplies.
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