Joann's fan-favorite fabric and craft store products might not be disappearing forever after all.
Michaels–its longtime competitor–announced on Thursday that it had officially acquired the intellectual property and private label brands of Joann Inc., which includes the development of the beloved Big Twist brands as part of the Michaels portfolio.
Not only is the retail giant bringing back some favorite Joann's brands, but it's also giving fans of the once-popular craft destination a warm welcome with a dedicated landing page featuring the latest updates and a curated assortment of products.
Related: Hallmark Store to Close After 30 Years in Business in Just a Few Weeks
The company also said in its June 5 announcement that it's working on expanding its fabric, sewing, quilting, yarn, and specialty thread supply stock to bring shoppers everything they could need in one place.
View this post on Instagram
A post shared by Michaels Stores (@michaelsstores)
So far, it has added over 600 fabric-related products to more than 680 stores, with an expanded rollout into 280 more stores later this year. Michaels is also adding over 50 new needle and crafting kits, new Singer and Brother sewing machines, smart irons, expanding yarn collections and even releasing over 60 new Loops & Threads offerings in stores nationwide and online this month.
View this post on Instagram
A post shared by Michaels Stores (@michaelsstores)
The news comes less than one week after Joann closed its final 500 stores following two bankruptcy filings and amid recent customer data analyzed by Michaels that suggested, over the past year, searches for fabric, sewing and yard (and its related products) have skyrocketed, presumably, as shoppers try to find an alternative for their shuttered Joann's–an angle Michaels is fully leaning into.
"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," said Michaels CEO David Boone in a statement. "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."
Michaels currently operates over 1,300 stores in 49 states and Canada and an online retail platform. The company said many of its new items are available now, with more on the way in the coming months, and additional products (including seasonal and holiday items) to roll out at different points throughout the year.
Next:Popular Restaurant Chain Makes 'Difficult Decision' to Suddenly Close Dozens of Locations
Read More Details
Finally We wish PressBee provided you with enough information of ( Michaels Officially Acquires Cult-Favorite Craft Store Brand )
Also on site :
- Walmart Is Selling a 'Beautiful' $96 9-Drawer Dresser for Just $49, and It Holds a ‘Shocking’ Amount of Clothes
- Vera Wang Wows in Sleek White Gown at Red Carpet Event: 'No One Forget She Is 75'
- Tottenham sack Postecoglou despite Europa League win