Michaels completes acquisition of Joann's intellectual property and fan-favorite labels

Craft labels from the now-shuttered fabrics seller Joann are making their mode to a caller home: Michaels

NEW YORK -- Craft labels from the now-shuttered fabrics seller Joann are making their mode to a caller home: Michaels.

The Michaels Companies announced connected Thursday that it had completed its acquisition of Joann's intelligence spot and backstage statement brands — successful an acquisition that arrives arsenic the Texas-based arts and crafting concatenation works to grow its ain fabric, sewing and yarn offerings.

“We’re honored to person the accidental to invited JOANN customers into our originative assemblage and are committed to delivering the selection, value, and inspiration they are looking for astatine Michaels,” Michaels CEO David Boone said successful a statement. The deal, helium added, allows the institution to amended “respond to rising demand” among some caller and existing customers.

Financial presumption of the acquisition were not disclosed. The Associated Press reached retired to Michaels for further accusation connected Friday.

With roots dating backmost to a single Ohio storefront successful 1943, Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of different crafts for much than 80 years. But much recently, operational challenges continued to heap up — with the retailer pointing to sluggish user demand, inventory shortages and rising competition.

Joann announced it would beryllium going retired of concern backmost successful February, conscionable 1 period aft filing for Chapter 11 bankruptcy protection for the 2nd clip wrong a year. At the time, the institution said fiscal services institution GA Group, unneurotic with Joann’s word lenders, had been selected arsenic the winning bidder to “acquire substantially each of Joann’s assets” and behaviour going-out-of-business income astatine each store locations.

Michaels connected Thursday said that its acquisition of Joann's IP and backstage brands included the acquisition of “Big Twist” yarns, which had go a staple successful Joann stores implicit the years.

Those “Big Twist” labels are present being developed arsenic portion of Michaels' portfolio — and volition beryllium disposable in-stores and online aboriginal this year, the institution said. In the meantime, Michaels has besides dedicated a landing page to invited erstwhile Joann customers online.

And arsenic portion of its wide enlargement into fabrics, Michaels said connected Thursday that its adding much than 600 caller products from caller and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more.

Michaels, founded successful 1973, presently operates 1,300 stores crossed 49 U.S. states and Canada. Its genitor institution besides owns Artistree, a framing merchandise manufacturer.

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