From Yahoo Finance: 2025-06-06 12:22:00

Michaels Companies has acquired Joann’s intellectual property and private label brands, including popular “Big Twist” yarns, as Joann closed due to operational challenges and bankruptcy. Michaels plans to expand its fabric offerings, welcoming former Joann customers online and adding 600 new fabric products to its stores in the U.S. and Canada.

The financial terms of the acquisition were not disclosed, but Michaels CEO David Boone expressed excitement to welcome Joann customers into their creative community, offering selection, value, and inspiration. Michaels, founded in 1973, operates 1,300 stores and aims to respond to rising demand by expanding fabric, sewing, and yarn offerings with the acquisition of Joann’s labels.



Read more at Yahoo Finance: Michaels completes acquisition of Joann’s intellectual property and fan-favorite labels