Michaels completes acquisition of Joann’s intellectual property and fan-favorite labels

New York (AP)-Handicrafts stickers from the seller of the fabrics are now packed to a new house: Michaels.

Michaels announced on Thursday that they have completed their purchase of Joann Intellectual brands and private brands-in a acquisition process that reaches the arts of the arts and the Texas-based chain of drafting to expand fabric, sewing and spinning shows.

“We are honored to have the opportunity to welcome the customers of Joann in our creative society and the commitment to connect the choice, value and inspiration they are looking for in Michaels,” said David Bonn, CEO of Michaels in a statement. He added that the deal allows the company to “respond to the increasing demand” between new and current customers.

The financial conditions of the acquisition have not been revealed. The Associated Press arrived in Michaels for more information on Friday.

With the roots dating back to the facade of a store in Ohio in 1943, Joan has grown to become a destination for generations of sewers, filters, kits and other craft lovers for more than 80 years. But recently, the operational challenges in accumulation have continued – as the retail seller referred to the demand of slow consumers, inventory deficiency and high competition.

Joan announced that it will come out of work in February, just one month after submitting bankruptcy protection, Chapter 11 for the second time in a year. At that time, the company said that the financial services company GA Group, along with Joan’s lenders, was chosen as a winning bidder “to obtain all the assets of Joan in a large way” and to conduct sales out of business on all stores.

Michaels said on Thursday that its purchase of the IP IP and private brands included the “Big Twist” yarns, which have become an essential element in the Joan stores over the years.

The company said that “Twist Big Twist” stickers are now being developed as part of Michaels-and will be available in stores and online later this year. Meanwhile, Michaels also devoted a intentional page to welcome the former Joan customers online.

As part of its general expansion in fabrics, Michaels said on Thursday that adding more than 600 new and current brand products – including the hefin supplies, fabrics, specialized topics, sewing machines and more.

Michaels, founded in 1973, operates 1300 stores in 49 US states and Canada. Its mother company also owns Artistree, a framing goods manufacturer.