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.
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.
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.
