The Michaels Companies has completed the acquisition of Joann's assets after Joann closed all its stores following a second bankruptcy. This strategic move is aimed at addressing a surge in demand, particularly in the fabric category, with online searches for 'fabric' at Michaels increasing by 77%. The acquisition includes Joann’s intellectual property and private label brands, and Michaels plans to significantly enhance its product offerings, adding over 600 items previously sold at Joann's, including a 25% increase in yarn products, to attract former Joann customers.
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.
The craft store will add more than 600 products once available at Joann's to its inventory, including increasing its yarn merchandise by 25%.
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