Michaels Acquires Joann Brands: A New Chapter in Crafting
In a stunning turn of events, Michaels has secured the intellectual property and private label brands of Joann, just days after the latter closed its remaining stores due to a Chapter 11 bankruptcy filing. This strategic acquisition marks a significant shift in the landscape of craft and hobby retail, and it opens up exciting possibilities for both brands.
A Strategic Move by Michaels
Michaels, with its extensive reach of over 1,300 locations across 49 U.S. states and Canada, is strategically positioning itself to capture a broader audience of craft enthusiasts. By acquiring Joann’s intellectual property, Michaels not only strengthens its market presence but also brings a wealth of creativity and innovation into its portfolio.
Understanding the Impact of the Acquisition
The acquisition is exclusively tied to intellectual property and brands, meaning that the closed Joann stores will not be reintegrated into Michaels’ operations. This allows Michaels to focus solely on enhancing its product offerings without the baggage of leftover retail spaces.
Expanding the Crafting Offerings
In a bid to connect with Joann’s former customer base, Michaels is ramping up its fabric, sewing, and yarn assortments. The company has announced an impressive addition of over 600 new products to its inventory. This move not only reflects Michaels’ commitment to quality but also underscores its intention to cater to the needs of avid crafters.
Engaging the Former Joann Customer Base
To make this transition seamless, Michaels has created a dedicated landing page welcome-joann on its website. On this page, former Joann customers can find a curated selection of products tailored to their crafting interests, showcasing the expanded range of fabrics and sewing materials now available at Michaels.
Learn More About This Strategic Expansion
For those interested in diving deeper into the details surrounding the acquisition and product expansion, more information can be found here.
Conclusion: What This Means for Craft Enthusiasts
The acquisition of Joann’s brands by Michaels is more than just a business transaction; it symbolizes a new era for crafting enthusiasts. With expanded offerings and a focused strategy to engage former Joann customers, Michaels is set to enhance the crafting experience for many. As the crafting community evolves, stay tuned for more exciting developments from Michaels as it continues to inspire creativity across North America.
