Michaels Acquires Joann’s Brands Following Bankruptcy

IRVING, Texas – In a strategic move, Michaels Companies Inc. announced Thursday that it has acquired the intellectual property and private label brands of Joann Stores, which recently closed all its locations after filing for bankruptcy.

This acquisition will enable Michaels to expand its range of fabric, sewing, and yarn products by adding over 600 items, including sewing machines from Brother and Singer, as well as new irons from Oliso and crafting kits from DMC and Loops & Threads.

David Boone, CEO of Michaels, stated, “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.” The acquisition aligns with Michaels’ goal to adapt to evolving consumer interests, particularly as searches for fabric and sewing have increased in the past year.

As part of the expansion, Michaels plans to improve its fabric selection in more than 680 stores and aims to enhance offerings in an additional 280 locations by the end of the year. The retailer, which operates over 1,300 stores across 49 states and Canada, is also set to increase its yarn assortment by 25% this year to accommodate customer demand.

Beginning this month, Michaels will introduce 60 new Loops & Threads yarns, along with yarn collections from established brands like Bernat, Lion Brand, and Red Heart available this summer. Products from Joann’s well-known lines, such as Big Twist Value Plus and Big Twist Baby Bear, will be introduced both in stores and online later this year.

Joann, which previously operated about 800 stores, had been forced to close all locations following its second bankruptcy filing within a year. Michaels has also launched a new shopping platform to assist former Joann customers in navigating product offerings and staying updated.

<pBoone concluded, "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."