Michaels Expands Fabric and Crafting Offerings with Acquisition of Joann's Intellectual Property
Michaels has recently acquired the intellectual property and private label brands of Joann, a well-known fabrics seller that recently closed its doors. This acquisition comes as Michaels aims to enhance its fabric, sewing, and yarn offerings. The deal allows Michaels to cater to the needs of both new and existing customers by providing a wide selection of products at great value. The financial details of the acquisition have not been disclosed.
With a history dating back to 1943, Joann had become a popular destination for craft enthusiasts, offering a variety of supplies for sewing, quilting, knitting, and other crafts. However, operational challenges, including slow consumer demand and increased competition, led to the retailer's decision to go out of business. Michaels' purchase of Joann's intellectual property includes the well-known "Big Twist" yarns, which will now be part of Michaels' product lineup both in-store and online.
As Michaels expands its fabric offerings, the company is introducing over 600 new products from various brands, including quilting supplies, fabrics, specialty threads, and sewing machines. Michaels, established in 1973, operates numerous stores across the United States and Canada. The company's commitment to providing a wide range of crafting supplies and materials continues to grow with the addition of Joann's intellectual property and private label brands.
In conclusion, Michaels' acquisition of Joann's intellectual property and private label brands marks a significant step in expanding its product offerings and catering to the needs of craft enthusiasts. The addition of "Big Twist" yarns and other products from Joann's portfolio enhances Michaels' position as a leading retailer in the arts and crafts industry. Customers can look forward to a diverse selection of crafting supplies and materials available both in-store and online.