Michaels acquires Joann intellectual property

IRVING, Texas — The Michaels Companies has acquired the intellectual property and private label brands of Joann, the fabric and crafts store that filed for bankruptcy twice, most recently in January of this year.

Financial details of the acquisition were not disclosed.

Michaels said it has been making a significant investment in the fabric business over the past year, noting a 77% increase in searches for “fabric” on its website. It said it is increasing the assortment of fabric, sewing items and yarn in over 680 stores with plans for 280 more stores this year.

Craft/fabric stores generated an estimated $1.85 billion in home accents sales in 2024, according to the 2024 Universe Report generated by Home Accents Today‘s Strategic Insights team. That includes $860 million in permanent botanicals, $675 million in decorative accessories and $99 million in accent furniture.

See also:

Burlington scoops up bankrupt Joann locations

Michaels said it wants to be the “go-to destination for fueling creativity and celebration.” It has created a dedicated landing page on its website featuring updates and a curated assortment of products in a “special welcome” for Joann customers.

“We’re honored to have the opportunity to welcome o customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels,” said Michaels CEO David Boone in a release. “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.”