The Michaels Cos. has successfully completed the acquisition of the intellectual property and private-label brands of fabric and sewing retailer Joann.
Joann filed for Chapter 11 bankruptcy protection in January.
The customer base, in-house brands (including the popular Big Twist brand) and expanded position in fabrics, yarn and sewing offered by Joann advance Michaels’ strategy to reimagine the customer experience and become the go-to destination for products enabling in-home creativity and celebration, the company stated.
Michaels is adding more than 600 products across new and existing brands for sewing and quilting supplies, fabric, yarn, specialty threads and sewing machines. The company recently added Brother and Singer sewing machines.
“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, Michaels CEO. “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.”
