After JOANN Stores filed for bankruptcy and announced plans to close all its retail locations, crafters may now have reason to rejoice. On June 5, Michaels made a bold move by acquiring the intellectual property and private label brands of its competitor.
The acquisition has prompted Michaels to expand its fabrics department, which saw a significant rise in interest over the past year. In response, the company plans to increase fabric offerings in over 680 stores and add more fabrics to an additional 280 stores this year. Online customers can browse through 10,000 fabric options.
Michaels is also expanding its sewing supplies and has added over 600 new crafting products to its inventory, including Brother and Singer sewing machines and specialty scissors. Products from JOANN’s beloved brands will be available in-store and online later this year, providing customers with a familiar shopping experience.
The acquisition allows Michaels to better serve both new and existing customers, respond to rising demand across categories, and build on the company’s momentum as the destination for creating and celebrating in North America.
Source: https://www.housebeautiful.com/shopping/best-stores/a64994059/michaels-acquired-joann-crafts