Michaels Acquires Joann Brands, Adds 600 Products After 800 Store Closures

Michaels has acquired the intellectual property and private label brands of Joann, a major competitor that recently filed for bankruptcy and closed all 800 of its stores. This acquisition includes Joann's popular Big Twist yarn brand and allows Michaels to expand its fabric, sewing, and yarn offerings by adding over 600 new products both in-store and online later this year. Michaels CEO David Boone expressed enthusiasm about welcoming former Joann customers and meeting rising demand in the crafting community. Joann's financial struggles were driven by sluggish consumer demand, inventory shortages, and strong competition, leading to its second Chapter 11 bankruptcy filing within a year. Michaels, with over 1,300 stores across the U.S. and Canada, has been more successful in navigating the shifting retail landscape and has seen a surge in customer interest for related craft supplies following Joann's closure. To assist former Joann shoppers, Michaels has launched a dedicated landing page on its website featuring curated products and updates.