Michaels acquires intellectual property, private label brands of Joann
The Michaels Companies Inc. has purchased assets of a bankrupt fabric and crafts retailer and expanding its product offering.
Michaels has successfully completed the acquisition of the intellectual property and private label brands of Joann, which filed for Chapter 11 bankruptcy in January 2025. The deal includes the development of Joann’s Big Twist brands as part of the Michaels portfolio.
Michaels is also launching a dedicated landing page for incoming Joann customers featuring a curated assortment of products.
In addition, Michaels is expanding its fabric, sewing, and yarn assortment, adding more than 600 products across new and existing brands, including sewing and quilting supplies, fabric, yarn, specialty threads, and sewing machines. Additional products will continue to roll out throughout the year.
"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 David Boone, CEO at Michaels. "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."
GA Group and A&G Real Estate Partners auctioned 790 store leases and five distribution centers in April 2025 in conjunction with the wind-down of operations at Joann. The retailer's intellectual property was sold as part of this process.
[READ MORE: Joann begins store closing sales chainwide]
In February, GA Group was recognized as the successful bidder to serve as exclusive agent to monetize substantially all Joann’s assets. The company is managing Joann's store closing process together with Tiger Group as part of a joint venture.
Michaels has been expanding its business as competitors have been shuttering their operations. In April 2025, the retailer began increasing its offerings across balloons and party supplies and also adding enhanced in-store experiences for birthday parties and private events.
This move came after Party City closed its nearly 700 stores following its bankruptcy declaration in December, with plans to go out of business. Michaels also plans to expand its selection of party supplies by 200% beginning in August, adding more than 500 new products across paper party, accessories and décor.
Based in Irving, Texas, The Michaels Companies Inc. operates more than 1,300 stores in 49 states and Canada, as well as dedicated U.S. and Canadian e-commerce sites.
