Michaels buys Joann brand, plans to expand crafting supply to meet demand
Michaels has acquired craft and fabric retailer Joann's intellectual property and private label brands, including its popular Big Twist yarns, the company announced this week.
Michaels announced the acquisition Thursday, saying it would assume over 600 products across multiple categories, including fabric, quilting and sewing supplies, sewing machines, and yarn.
"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," Michaels CEO David Boone said in a statement. "This acquisition allows us to better serve both new and existing customers, respond to rising demand across categories, and build on our momentum as the destination for creating and celebrating in North America."
Michaels says it is already adding more new Brother and Singer sewing machines and other products, including boosting fabric selections "in over 680 stores, with plans for 280 more stores this year" and adding new items to its online store. The arts and crafts retailer said searches for fabric on its website have already gone up 77% in the last year.
Users who navigate to Joann's former website are now redirected to the Michaels website, where they are met with a "Welcome JOANN Customers" message.
"We've got your go-to essentials & so much more!" the message reads.
In Thursday's press release, Michaels stated, "JOANN was a beloved destination for creators for generations, and Michaels is honored to serve this community with a dedicated landing page featuring the latest updates and a curated assortment of products."
Joann, which first opened in 1943 in Cleveland, Ohio, grew into a leading craft and fabric retailer with stores in 49 states over the course of its 80 year lifespan.
In February, Joann announced it would close all of its 790 stores following a bankruptcy filing in January. It subsequently began closing its store locations in March.
