Michaels Acquires Craft Labels from Joann, Renowned Fabric Seller

In a move that promises to revitalize the craft industry, The Michaels Companies has successfully completed its acquisition of craft labels from Joann, a beloved fabric seller that ceased operations in recent times. This strategic purchase not only signals a new chapter for the company but also provides an opportunity for craft enthusiasts and professionals alike.

A Brief History of Joann

For decades, Joann has been a trusted name in the crafting world. Founded in 1946 by Henry Gerson, the company initially operated as a small fabric store catering to local quilters and sewists. Over time, Joann expanded its product line to include a wide range of craft supplies, including yarns, threads, and notions. The brand became synonymous with quality and creativity, attracting crafters from across North America.

Michaels' Acquisition of Joann

In 2023, Michaels announced its intention to acquire the assets of Joann, signaling a new era for the company. After a successful negotiation process, The Michaels Companies completed the acquisition, acquiring the brand's extensive collection of craft labels. These labels, which include fabric, yarn, and other materials, are now set to become part of Michaels' product offerings.

Significance of the Acquisition

The acquisition of Joann by Michaels marks a significant development in the crafting industry. By integrating Joann's craft labels into its existing product line, Michaels gains access to a vast array of high-quality materials and expertise. This strategic move is expected to enhance the company's position as a leading retailer of art supplies and crafts.

Benefits for Crafters

The acquisition of Joann by Michaels presents numerous benefits for crafters and enthusiasts. The extensive collection of craft labels acquired by Michaels will be made available to customers, offering a wide range of materials and inspiration for various crafting projects. Additionally, the integration of Joann's expertise into Michaels' operations is expected to improve product offerings, customer service, and overall shopping experience.

Expansion Plans

As part of its expansion plans, Michaels aims to leverage the acquired assets to drive growth in its craft business. The company has announced plans to expand its online presence, investing in e-commerce platforms and social media channels to reach a broader audience of crafters. Furthermore, Michaels plans to enhance its physical store experience by introducing new displays, workshops, and events catering to the needs of craft enthusiasts.

Michaels' Commitment to Craft Community

The Michaels Companies has consistently demonstrated its commitment to supporting the crafting community. The company's acquisition of Joann is seen as a testament to this commitment, with plans to continue promoting creativity, innovation, and artistic expression through its various channels. By providing access to high-quality materials and expert advice, Michaels aims to empower crafters to pursue their passions and bring new ideas to life.

Conclusion

The acquisition of Joann by Michaels marks an exciting chapter in the history of both companies. As Michaels integrates the extensive collection of craft labels into its product offerings, it solidifies its position as a leader in the art supplies and crafts market. With a renewed focus on creativity, innovation, and customer satisfaction, The Michaels Companies is poised to drive growth and success in the crafting industry.

What's Next for Michaels and Crafters?

As the dust settles following the acquisition of Joann, crafters can expect to see significant changes across various channels. From expanded online offerings to enhanced physical store experiences, Michaels is committed to delivering exceptional customer service and supporting the crafting community in new and innovative ways.

With a rich history spanning over 75 years, Joann's legacy lives on through its craft labels, which are now set to become part of Michaels' product offerings. As Michaels continues to grow and evolve, one thing remains certain: the passion for creativity, artistry, and self-expression will endure, inspiring generations of crafters to come.

Timeline of Major Events

• 1946: Joann is founded by Henry Gerson as a small fabric store.
• 2023: Michaels announces its intention to acquire Joann's assets.
• 2023 (present): The Michaels Companies completes the acquisition, acquiring the brand's extensive collection of craft labels.

Key Players

• The Michaels Companies: Acquiring company and parent entity of Joann.
• Joann: Beloved fabric seller and crafts supplier.
• Henry Gerson: Founder of Joann, establishing the brand in 1946.