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New York Post
a day ago
- Business
- New York Post
Craft giant Michaels buys Joann's intellectual property, fan-favorite labels
NEW YORK — Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels. The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings. '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,' Michaels CEO David Boone said in a statement. Advertisement Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home. Christopher Sadowski The deal, he added, allows the company to better 'respond to rising demand' among both new and existing customers. Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday. Advertisement With roots dating back to a single Ohio storefront in 1943, Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up — with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition. Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. Advertisement The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands. NurPhoto via Getty Images At the time, the company said financial services company GA Group, together with Joann's term lenders, had been selected as the winning bidder to 'acquire substantially all of Joann's assets' and conduct going-out-of-business sales at all store locations. Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of 'Big Twist' yarns, which had become a staple in Joann stores over the years. Those 'Big Twist' labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. Advertisement In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online. And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more. Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.
3 days ago
- Business
Michaels buys Joann brand, plans to expand crafting supply to meet demand
Michaels has acquired craft and fabric retailer Joann's intellectual property and private label brands, including its popular Big Twist yarns, the company announced this week. Michaels announced the acquisition Thursday, saying it would assume over 600 products across multiple categories, including fabric, quilting and sewing supplies, sewing machines, and yarn. "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," Michaels CEO David Boone said in a statement. "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." Michaels says it is already adding more new Brother and Singer sewing machines and other products, including boosting fabric selections "in over 680 stores, with plans for 280 more stores this year" and adding new items to its online store. The arts and crafts retailer said searches for fabric on its website have already gone up 77% in the last year. Users who navigate to Joann's former website are now redirected to the Michaels website, where they are met with a "Welcome JOANN Customers" message. "We've got your go-to essentials & so much more!" the message reads. Joann to close all its fabric and craft stores amid bankruptcy In Thursday's press release, Michaels stated, "JOANN was a beloved destination for creators for generations, and Michaels is honored to serve this community with a dedicated landing page featuring the latest updates and a curated assortment of products." Joann, which first opened in 1943 in Cleveland, Ohio, grew into a leading craft and fabric retailer with stores in 49 states over the course of its 80 year lifespan. In February, Joann announced it would close all of its 790 stores following a bankruptcy filing in January. It subsequently began closing its store locations in March.
CNBC
3 days ago
- Business
- CNBC
Michaels completes acquisition of Joann's intellectual property and fan-favorite labels
Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels. The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings. "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," Michaels CEO David Boone said in a statement. The deal, he added, allows the company to better "respond to rising demand" among both new and existing customers. Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday. With roots dating back to a single Ohio storefront in 1943, Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up — with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition. Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. At the time, the company said financial services company GA Group, together with Joann's term lenders, had been selected as the winning bidder to "acquire substantially all of Joann's assets" and conduct going-out-of-business sales at all store locations. Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of "Big Twist" yarns, which had become a staple in Joann stores over the years. Those "Big Twist" labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online. And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more. Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.
3 days ago
- Business
Michaels completes acquisition of Joann's intellectual property, fan-favorite labels
NEW YORK -- Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels. The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings. '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,' Michaels CEO David Boone said in a statement. The deal, he added, allows the company to better 'respond to rising demand' among both new and existing customers. Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday. With roots dating back to a single Ohio storefront in 1943, Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up — with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition. Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. At the time, the company said financial services company GA Group, together with Joann's term lenders, had been selected as the winning bidder to 'acquire substantially all of Joann's assets' and conduct going-out-of-business sales at all store locations. Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of 'Big Twist' yarns, which had become a staple in Joann stores over the years. Those 'Big Twist' labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online. And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more. Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Michaels completes acquisition of Joann's intellectual property and fan-favorite labels
NEW YORK (AP) — Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels. The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings. '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,' Michaels CEO David Boone said in a statement. The deal, he added, allows the company to better 'respond to rising demand' among both new and existing customers. Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday. With roots dating back to a single Ohio storefront in 1943 , Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up — with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition. Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. At the time, the company said financial services company GA Group, together with Joann's term lenders, had been selected as the winning bidder to 'acquire substantially all of Joann's assets' and conduct going-out-of-business sales at all store locations. Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of 'Big Twist' yarns, which had become a staple in Joann stores over the years. Those 'Big Twist' labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online. And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more. Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.
