Michaels Welcomes Joann Brands: A Creative Expansion for Craft Lovers
NEW YORK — A new era for craft enthusiasts is unfolding as beloved brands from the now-defunct Joann store are finding a home at Michaels. The Michaels Companies recently announced that it has successfully acquired Joann’s intellectual property and private label brands, marking a significant moment in the world of crafting.
A Strategic Move in Crafting Retail
This acquisition comes at a time when Michaels is actively seeking to diversify and amplify its fabric, sewing, and yarn offerings. CEO David Boone expressed excitement about this new chapter, stating, “We’re honored to have the opportunity to welcome JOANN customers into our creative community. We are committed to delivering the selection, value, and inspiration they are looking for at Michaels.” This move not only enhances Michaels’ product range but also addresses the growing demand among craft aficionados.
Understanding the Acquisition
While the financial specifics remain undisclosed, this acquisition signifies a strategic enhancement for Michaels. The company aims to respond effectively to the evolving needs of both existing and new customers, further solidifying its position in the crafting marketplace.
Challenges for Joann: A Cautionary Tale
Joann, which began as a single storefront in Ohio in 1943, became a cherished destination for generations of crafters. However, recent operational hurdles—including reduced consumer demand and mounting competition—led to significant challenges. The retailer announced it would close its doors following a Chapter 11 bankruptcy filing for the second time within a year.
The Transition of Assets
In February, Joann revealed that it would be entering liquidation sales as GA Group and others secured rights to acquire its assets. With Michaels taking over Joann’s private brands, the beloved Big Twist yarn and other iconic products are being reintegrated into Michaels’ offerings, promising to retain the quality and variety that crafters have come to love.
Exciting New Products on the Horizon
Michaels has big plans to amplify its existing inventory, pledging to introduce over 600 new products that cater to the evolving needs of creative enthusiasts. This collection will include essential quilting supplies, specialty threads, high-quality fabrics, sewing machines, and more.
Joining the Michaels Family
To ease the transition for former Joann customers, Michaels has set up a dedicated landing page online, inviting them to explore the exciting offerings ahead.
A Bright Future for Crafting Enthusiasts
Founded in 1973, Michaels boasts an expansive network of 1,300 stores across 49 U.S. states and Canada, each serving as a hub for creativity and inspiration. Along with its parent company’s ownership of Artistree, a well-known framing merchandise manufacturer, the brand is poised for a transformative era.
As Michaels continues to innovate and expand its product offerings, crafting enthusiasts can look forward to a richer, more accessible experience. With the addition of Joann’s trusted brands, Michaels is ready to inspire a new generation of crafters—connecting the past with a vibrant, creative future.
In conclusion, this acquisition not only revitalizes beloved Joann products but also opens new avenues for Michaels, fostering a community where creativity thrives. Keep an eye on what’s coming next, because the world of crafting is about to get a lot more exciting!
