Michaels acquires Joann’s intellectual property, private label brands

The void left by the closing of all Joann’s fabric stores may soon be filled by another nationwide craft store.

Michaels announced this week that it has acquired the intellectual property and private label brands previously owned by Joann.

The Joann name was also part of the deal but it is unknown if Michaels will use it, CNN reported.

The fabric store closed all of its stores after filing for bankruptcy, USA Today reported. At one point, it had about 800 stores, USA Today reported.

With the acquisition comes the promise that Michaels will expand its fabric, sewing and yarn stock while adding more than 600 products, including quilting supplies, specialty threads, sewing machines and more.

Michaels said in a news release has expanded the fabric offered at 680 locations and add 280 more this year, in addition to the fabric that is available on its website.

As for yarn, it will bring several Big Twists branded varieties of yarn that had been sold by Joann locations to stores and online later this year.

Michaels also launched a landing page on its website welcoming former Joann customers, featuring a curated group of products.

Despite the expansion, Michaels could still face some headwinds as it was listed on financial consulting firm Debtwire’s “Retail Distressed Watchlist” because of the tariffs instituted by President Donald Trump’s administration. Three-quarters of the items supplied to Michaels come from China, CNN reported.

Michaels has more than 1,300 stores in 49 states and Canada.