Joann bought out by competitor. What could that mean for metro-east crafters?
The Michaels Companies Inc. announced Thursday that the art and hobby supplies retailer acquired the intellectual property and private label brands of Joann, which closed all of its remaining stores at the end of May.
Michaels’ press release stated that more than “600 products across new and existing brands, including sewing and quilting supplies, fabric, yarn, specialty threads, sewing machines, and more” would be added for an improved customer experience.
“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,” David Boone, Chief Executive Officer at Michaels, stated in the release
“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.”
Joann announced in February that it would close 500 stores nationwide after filing for Chapter 11 bankruptcy in January. It was the company’s second filing in less than a year.
At that time 26 of 33 Illinois stores and seven of 14 Missouri stores were slated to close.
In late February, the company announced that after an auction of the company’s assets, Joann would close all of its stores after more than 80 years in operation.
Going-out-of-business sales immediately began – or in some cases continued – at all stores, including a location at 10865 Lincoln Trail in Fairview Heights that closed in late May.
The Joann website, joann.com, redirects online users to a new Joann landing page on the Michaels website. The page includes a welcome message to Joann shoppers and with an emphasis on fabrics, sewing equipment, and sewing, knitting and crochet supplies.
Michaels offers all categories of fine arts, crafts and hobby supplies, home décor, kitchen and baking supplies, party supplies, frames and more.
Founded in 1973 and headquartered in Irving, Texas, the retailer has more than 1,300 stores in 49 states and Canada.
Area locations include 3500 Green Mount Crossing Drive in Shiloh and 6639 Edwardsville Crossing Drive in Edwardsville.
