US EditionMichaels Completes Acquisition of Joann’s Intellectual Property and Fan-Favorite Labels
- On Thursday, June 5, Michaels purchased Joann’s brand assets and exclusive product lines, but did not obtain any of Joann’s physical store locations.
- In January 2025, Joann initiated its second bankruptcy proceeding within a year, leading to the closure of all approximately 800 stores and subsequent asset sales and store liquidation events.
- Michaels broadened its selection of fabrics, sewing supplies, and yarn by introducing more than 600 new items, including Big Twist brands and sewing machines, to appeal to former Joann customers.
- Michaels CEO David Boone stated that acquiring Joann’s assets enables the company to enhance its service to both current and new customers, meet increasing demand in various product categories, and continue progressing as a leading destination for creativity and celebration in North America.
- The acquisition lets Michaels expand its creative offerings amid growing fabric and sewing interest, increasing fabric searches by 77% and sewing by 39% on its website.
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Craft retailer scoops up Joann label after chain closes down all 800 locations
AN iconic crafts store has officially purchased a major portion of Joann’s assets as the struggling company’s bankruptcy process ensues. Following Joann’s second Chapter 11 filing in January and the subsequent closure of its entire store fleet of 800 spots, Michael’s has acquired the Joann label. AlamyJoann has officially gone out of business following its second bankruptcy filing[/caption] GettyRival crafts store Michaels has scooped up some of…
·New York, United States
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