Just days after the last remaining Joann locations were closed following a Chapter 11 bankruptcy filing and liquidation, a former competitor has swooped in to acquire the former company's intellectual property and private label brands.
Michaels, which operates over 1,300 locations across 49 U.S. states and Canada, announced Friday that the company completed the acquisition of Joann's intellectual property and private label brands.
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WATCH HEREThe acquisition does not involve any stores that were closed by Joann ahead of their liquidation.
In an effort to reach out to Joann's former customer base, Michaels also announced an expansion of its fabric, sewing and yarn assortment, adding over 600 new products to its inventory.
The company also established a dedicated landing page on its website for Joann customers, featuring a curated assortment of products that reflect the increases in fabric and sewing.
More information on the expansion of available products and the acquisition of Joann brands can be found here.
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