Michaels Acquires Joann Brands, Expands Fabric and Yarn Offerings
Michaels has acquired the private label brands and intellectual property of fabric and crafts retailer Joann, which includes the Big Twist brand.
Additionally, Michaels said it is expanding its fabric, sewing, and yarn assortment, adding more than 600 products across new and existing brands. These additions include sewing and quilting supplies, fabric, yarn, specialty threads, and sewing machines.
Company officials said the acquisition and expanded product assortment reflect progress as Michaels continues to reimagine the customer experience and position itself as the go-to destination for creativity and celebration.
"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," said David Boone, CEO of Michaels. "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 of Joann’s assets by Michaels follows Joann's announcement that it would close all of its stores after filing for bankruptcy in January, the company’s second bankruptcy filing in the past year. An initial 255 stores closed in April, with the remaining 535 locations shutting down in May.
According to Michaels, searches for “fabric” on its website have increased 77% over the past year. In response, the company has made a significant investment in the category, increasing its fabric assortment in more than 680 stores, with plans to expand to another 280 locations this year.
Michaels is also expanding its sewing and yarn assortments with the addition of new products in both categories. Notably in yarn, the retailer is working to incorporate well-known Joann brands, including Big Twist Value Plus, Big Twist Twinkle, Big Twist Posh, and Big Twist Baby Bear. These are now being developed as part of Michaels' brand portfolio and will be available in stores and online later this year.
